Recognising the crucial role of non-financial institutions and their supervisors in combating money laundering and terrorism financing, the Council of Europe continues to strengthen national stakeholders' capacities in Armenia. Enhancing the ability of Designated Non-Financial Businesses and Professions (DNFBPs) to identify and report suspicious activities is essential for ensuring a more effective national response to financial crime.

The Council of Europe, in close cooperation with the Financial Monitoring Center, the Ministry of Justice, the Chamber of Advocates and the State Revenues Committee of Armenia, organised three capacity development events in the field of anti-money laundering and countering the financing of terrorism  compliance dedicated to non-financial institutions (also known as Designated Non-Financial Businesses and Professions). The events aimed to improve the understanding and implementation of a risk-based approach among non-financial professionals, aligning their practices with the relevant international standards.

This initiative provided participants with practical knowledge and tools to enhance compliance with relevant national regulations on anti-money laundering and countering the financing of terrorism and reinforce their role in safeguarding the financial system against criminal abuse. Representatives from legal, real estate and gambling sectors, discussed international standards, national legislative requirements, risks and vulnerabilities applicable for specific categories of professionals as well as current money laundering methods, risk management, reporting obligations, identification of red flags and compliance requirements.

Comprehensive discussions reinforced the commitment of the national stakeholders towards strengthening Armenia’s anti-money laundering and countering the financing of terrorism framework and enhancing joined efforts of public and private sector actors in the fight against financial crime in line with international commitments and recommendations provided by the Council of Europe’s Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL).

This event is part of the European Union and the Council of Europe joint programme “Partnership for Good Governance”, co-funded by the European Union and the Council of Europe, and implemented by the Council of Europe, in the framework of the Project on “Enhancing national capacities for effective prevention and fight against economic crime in Armenia”.