According to the assessment by MONEYVAL, the Council of Europe’s body for combating money laundering, despite significant efforts to recover illegal assets, Armenia has not made this a political goal. The organization reached this conclusion after examining the results achieved by Armenia in the area of confiscating criminal proceeds. The authors of the report conducted the study in Armenia last October.
“Although the introduction of a system for confiscating illegally obtained property has strengthened the country’s ability to confiscate illegal assets, MONEYVAL calls for a review of all stages of the confiscation system, as well as an expansion of the knowledge and resources necessary for the detection, arrest, and confiscation of criminal proceeds,” the report states.
The Council of Europe urges Armenian authorities to conduct a deeper analysis of external threats, the financing of terrorism, and risks associated with virtual assets. It is considered that further improvements are needed in the assessment of risks in the real estate sector, as well as in operational cooperation mechanisms. At the same time, efforts to enhance the understanding of the risks of money laundering and the financing of terrorism are commended, while the national policies and strategies addressing these risks are deemed “sufficient.”
After the assessment, Armenia received an action roadmap that must be implemented within three years. Authorities are required to report to MONEYVAL on the progress made.
