The Council of Europe urges Armenia to increase the number of measures against money laundering, the statement of the Council of Europe’s Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) says.  

According to the experts, Armenia has made adequate progress in establishing a legal framework against such violations, and the financial sector was found to effectively apply preventive measures. The mechanisms for detecting and preventing financing of terrorism and proliferation were generally assessed 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,” the statement reads.

The previous report was written in 2009. Armenia will report back on its measures taken in April 2018.