Armenia's measures to combat money laundering and terrorist financing

Publication details

Language

English

Country

Armenia

MONEYVAL - Mutual Evaluation Armenia - 2015

Filename
MONEYVAL(2015)34_5thR_MER_Armenia.pdf
Size
2 MB
Format
application/pdf
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In the first report published by FATF-Style Regional Body, Moneyval, Armenia is urged to develop an effective national policy to investigate and prosecute money laundering. The report analyses the implementation by Armenia of international standards on money laundering and terrorist financing since the last evaluation in 2009, and recommends an action plan to address the shortcomings.

Council of Europe experts have identified significant weaknesses in the investigation and prosecution of money laundering in Armenia and have urged the authorities to take immediate action to ensure that law enforcement efforts are fully commensurate with the money laundering risks faced by the country. Overall, however, Armenia has made adequate progress in establishing a sound legal framework, and the financial sector was found to be effective in the application of preventive measures. The mechanisms for detecting and preventing financing of terrorism and proliferation are to a large extent effective.

Armenia is to report back to MONEYVAL in April 2018 on the follow-up measures. An interim report will be submitted in December 2016 on some aspects of the action plan.  

 

Effectiveness

Ratings that reflect the extent to which a country's measures are effective. The assessment is conducted on the basis of 11 immediate outcomes, which represent key goals that an effective AML/CFT system should achieve.

Ratings that reflect the extent to which a country's measures are effective. The assessment is conducted on the basis of 11 immediate outcomes, which represent key goals that an effective AML/CFT system should achieve.

Armenia Mutual Evaluation 2016

IO1
ME
IO2
SE
IO3
ME
IO4
SE
IO5
SE
IO6
ME
IO7
LE
IO8
LE
IO9
SE
IO10
SE
IO11
SE

HE = high level of effectiveness   |   SE = substantial level of effectiveness    |   ME = moderate level of effectiveness   |   LE = low level of effectiveness

Technical Compliance

Ratings which reflect the extent to which a country has implemented the technical requirements of the FATF Recommendations.

Armenia Mutual Evaluation 2016

R.1 - Assessing risk & applying risk-based approach
PC
R.2 - National cooperation and coordination
LC
R.3 - Money laundering offence
LC
R.4 - Confiscation and provisional measures
LC
R.5 - Terrorist financing offence
LC
R.6 - Targeted financial sanctions related to terrorism & terrorist financing
LC
R.7 - Targeted financial sanctions related to proliferation
PC
R.8 - Non-profit organisations
LC
R.9 - Financial institution secrecy laws
C
R.10 - Customer due diligence
LC
R.11 - Record keeping
C
R.12 - Politically exposed persons
PC
R.13 - Correspondent banking
C
R.14 - Money or value transfer services
C
R.15 - New technologies
C
R.16 - Wire transfers
C
R.17 - Reliance on third parties
C
R.18 - Internal controls and foreign branches and subsidiaries
C
R.19 - Higher-risk countries
C
R.20 - Reporting of suspicious transactions
C
R.21 - Tipping-off and confidentiality
C
R.22 - DNFBPs: Customer due diligence
LC
R.23 - DNFBPs: Other measures
C
R.24 - Transparency and beneficial ownership of legal persons
LC
R.25 - Transparency and beneficial ownership of legal arrangements
LC
R.26 - Regulation and supervision of financial institutions
LC
R.27 - Powers of supervisors
C
R.28 - Regulation and supervision of DNFBPs
PC
R.29 - Financial intelligence units
C
R.30 - Responsibilities of law enforcement and investigative authorities
LC
R.31 - Powers of law enforcement and investigative authorities
PC
R.32 - Cash couriers
C
R.33 - Statistics
C
R.34 - Guidance and feedback
C
R.35- Sanctions
LC
R.36 - International instruments
LC
R.37 - Mutual legal assistance
LC
R.38 - Mutual legal assistance: freezing and confiscation
LC
R.39 - Extradition
LC
R.40 - Other forms of international cooperation
C

C = compliant   |   LC = largely compliant     |   PC = partially compliant   |   NC = non-compliant

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