Armenia; Report on Observance of Standards and Codes-FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism

This paper assesses observance of standards and codes on the Financial Action Task Force (FATF) recommendations for antimoney laundering and combating the financing of terrorism (AML/CFT) for Armenia. The assessment reveals that Armenia has made considerable improvements in its AML/CFT framework in a relatively short timeframe, particularly by replacing the first AML/CFT law, enacted in 2005, with a more comprehensive law, which was passed in 2008. It is also found that the money laundering offence in Armenia is criminalized broadly in line with the international standard.

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Year of publication:	2010-01-11
Institutions:	International Monetary Fund (IMF) ; International Monetary Fund
Subject:	Banking sector \| Combating the financing of terrorism \| Financial institutions \| Financial sector \| Governance \| International cooperation \| Nonbank financial sector \| Reports on the Observance of Standards and Codes \| money laundering \| terrorism \| law enforcement \| terrorist financing \| terrorist \| terrorism financing \| financial secrecy \| financing of terrorism \| suspicious transaction \| legal assistance \| law enforcement authorities \| due diligence \| enforcement authorities \| suspicious transaction report \| beneficial owners \| criminal investigations \| competent authorities \| criminal liability \| professional secrecy \| foreign exchange offices \| beneficial ownership \| money remitters \| precious metals \| accounting firms \| precious stones \| dual criminality \| financial intelligence unit \| suspicious transaction reporting \| wire transfer \| compliance management arrangements \| transaction reporting \| control information \| confiscation of property \| internal controls \| risk customers \| law enforcement agencies \| national security \| assessment methodology \| terrorist organizations \| transaction reports \| legal arrangements \| administrative sanctions \| suspicious transaction reports \| act of terrorism \| customer identification \| counterfeiting currency \| regulatory measures \| compliance officer \| value transfer \| business relationships \| financial crime \| reporting obligations \| risk scenarios \| risk management \| suspicious transactions \| tax matters \| predicate offence \| internal programs \| supervisory authorities \| supervisory process \| financial supervision \| share information \| legal entities \| supervisory authority \| supervisory regime \| account files \| extraditable offenses \| combat money laundering \| risk sensitive basis \| money laundering cases \| restrictive conditions \| terrorists \| transaction records \| lawful purpose \| regulatory authority \| banking secrecy \| ensuring compliance \| shell bank \| legal entity \| united nations security \| money laundering offence \| shell banks \| identification data \| audit function \| risk management procedures \| adequate powers \| terrorist organization \| internal audit

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Extent:	application/pdf
Series:	IMF Staff Country Reports.
Type of publication:	Book / Working Paper
Notes:	The text is part of a series IMF Staff Country Reports Number 10/8 1 pages long
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10011243664