The package of bills on making amendments and supplements to the laws on criminal procedure and banking secrecy, which the Parliament of Armenia is considering and which envisages disclosure of banking information, will have the opposite effect and contribute to the outflow of capital from the country. This is what former deputy of the National Assembly of Armenia, economist Vardan Bostanjyan told Armenian News-NEWS.am today.

“The existing legislation allows to fight against corruption and the illicit circulation of financial resources and capital, and for this reason, the authorities’ arguments supporting the need for amendments are not justified,” the analyst added.

The authorities present the increase of effectiveness of the fight against corruption as an argument for the amendments. In its turn, the opposition is concerned that this may destabilize the operation of registered banks in Armenia and reduce investor confidence.