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Armenian Central Bank sets restriction for real estate transactions

YEREVAN, March 2. /ARKA/. The Armenian National Assembly amended Thursday at the second and final reading the law on money laundering and terrorism financing.

The amendments imply restrictions for real estate transactions.

Vakhtang Abrahamyan, deputy chairman of the Central Bank of Armenia, said that Armenia adopted a legislative package on money laundering yet in June 2014, but there were some faults in the package, especially taking into account Armenia’s commitments toward the United Nations.

In his opinion, the restriction will lessen money laundering.

In his words, restrictions are set for real estate transactions, particularly those worth over AMD 50 million – ($104,000).

The amended law stipulated that money in such transactions must be transferred, not handed. -0—

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