YEREVAN, March 21, /ARKA/. A set of amendments to the laws on insurance and insurance activities, on payment and settlement systems and organizations, on pawnshops and Lombard activities and on currency regulation and currency control, approved today by the government of Armenia will ban former convicts from holding positions in some financial institutions.
Justice Minister Artak Zeynalyan said the ban does not apply to heads and managers of companies and organizations whose activities are licensed by the Central Bank.
He said MONEYVAL experts praised the government of Armenia for creation of a legislative framework against such violations and for the effective use of preventive measures, noting, however, the need to continue activities against money laundering.
“In particular, the experts pointed out the shortcomings in insurance and payment and settlement systems. As a result of these legislative amendments, former prisoners in Armenia will not be allowed to hold important and high-ranking positions in pawnshops, payment and settlement organizations, insurance mediation companies, and also engage in foreign exchange transactions,” said Zeynalyan.
At the end of 2018, Armenia imposed a similar ban on the inclusion of convicted persons in the list of shareholders of insurance companies and other financial institutions. –0–
