Back Enhancing compliance with targeted financial sanctions in Armenia as an effective tool to prevent and suppress terrorism financing

Enhancing compliance with targeted financial sanctions in Armenia as an effective tool to prevent and suppress terrorism financing

International standards require countries to implement targeted financial sanctions regimes relating to the prevention and suppression of terrorism and terrorist financing. The freezing of the assets of those suspected of terrorism financing and those listed in domestic and international sanctions lists is a highly effective way to disrupt terrorist attempts to raise, move, and use funds.

The Council of Europe, in cooperation with the Financial Monitoring Centre under the Central Bank of Armenia, organised a 2-day workshop for relevant AML/CFT supervisory authorities aimed at discussing their roles and responsibilities in implementing and enforcing targeted financial sanctions regimes.

The workshop offered a thorough overview of the existing framework for international sanctions, types of sanctions (financial, economic, trade) and criteria for listing of individuals and entities in international sanctions lists. The responsibilities of the national authorities of Armenia were analysed (listing/delisting, licensing, requesting access to funds, export controls) with a focus on how each function is crucial in terms of ensuring effective enforcement of international sanctions.

Ways to implement effective supervision over the implementation of targeted financial sanctions (and available procedures and resources in Armenia) was tackled during the event with the aim to further enhance internal practices to supervise and monitor compliance, by the obliged entities, with the implementation of targeted financial sanctions regimes.

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”.

YEREVAN, ARMENIA 22-23 JULY 2024
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What are the objectives of the project?

To increase the capacities of Armenian institutions and demonstrate effectiveness in the prevention of and fight against corruption and money laundering.

How does the project work?

Through a combination of tailored policy/legislative and capacity-building actions.

What is the budget of the project?

► The total project budget is EUR 630,000.
► The overall Programme budget is EUR 19.3 M (80% is co-funded by the European Union and 20% by the Council of Europe).

How to get more information?

► The Project is implemented by the Council of Europe Action against Economic Crime Department through its Economic Crime and Co-operation Division (Directorate General of Human Rights and Rule of Law)
► Partnership for Good Governance
Website: http://partnership-governance-eu.coe.int/
email: dpc_pgg@coe.int
► Council of Europe Office in Yerevan Website: https://www.coe.int/yerevan
email: coe.yerevan@coe.int


 

What is the Partnership for Good Governance?

The “Partnership for Good Governance” (PGG) is a joint initiative of the European Union and the Council of Europe for strengthening good governance in the Eastern Partnership region*. The "Partnership for Good Governance" provides tailor-made support to Eastern Partnership countries to bring their legislation and practice closer to European standards in the fields of human rights, rule of law and democracy. It supports, in particular, Eastern Partnership countries’ domestic reforms to strengthen justice, counter economic crime, promote equality and non-discrimination, advance women’s access to justice and combat violence against women.

* While the Partnership for Good Governance does not include activities with the participation of the Belarusian authorities, activities may be organised with the representatives of Belarusian civil society and democratic forces as appropriate in line with the European Council Conclusions of February 2022 and the Decision of the Council of Europe Ministers’ Deputies of March 2022.
 

Who benefits from the project?

► Ministry of Justice and Ministry of Internal Affairs;
► Anti-Corruption Committee;
► Corruption Prevention Commission;
► Civil Service Council;
► Central Bank of Armenia;
► Financial Monitoring Center (FIU of Armenia);
► National Security Service;
► Civil Service Office;
► Office of the General Prosecutor (the Department for Combatting Economic Crimes);
► Investigative Committee of Armenia;
► Judiciary;
► Civil society and the general public.

What do we expect to achieve?

► Strengthened legislative, strategic and institutional frameworks and capacities for the effective prevention of corruption;
► Increased effectiveness of detection, investigation, prosecution and adjudication of corruption-related offences;
► Advanced legislative and institutional frameworks and increased technical capacities in anti-money
laundering, countering terrorism financing and related asset recovery.

What is the project duration?

The project runs from 1 March 2023 to 28 February 2026.

This project aims to support further improvements of the legislative and institutional framework against corruption, money laundering and economic crime in Armenia, but also focus on ensuring the effectiveness of its implementation. It seeks to strengthen the capacities of the country's anticorruption and anti-money laundering bodies, support the introduction and application of new mechanisms to combat corruption, and raise awareness on anticorruption and integrity.
This project is implemented within the third Phase of the joint programme of the European Union and the Council of Europe “Partnership for Good Governance” running from 2023 until 2026. It builds on the results of the previous phases of the Partnership for Good Governance in the field of countering economic crime (Phase I 2015-2018 and Phase II 2019-2023).