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.
Fraud, tax evasion, contraband and embezzlement pose the highest threats in terms of money laundering. Within the Armenian economy, the banking and real estate sectors are the most vulnerable to money laundering. Financial intelligence is gathered very effectively, but law enforcement does not often make effective use of it to develop evidence, trace, seize and confiscate criminal proceeds from money laundering. (more...)
See also:
Armenia and the Council of Europe