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March 29
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The risk of terrorism financing is low in Armenia, while the risk of money laundering is below average. This is what Nerses Yeritsyan, Vice-Governor of the Central Bank of Armenia (CBA), said during today’s discussion on the bill on making amendments and supplements to the Law on the Fight against Money Laundering and Terrorism Financing held as part of the session of the Standing Committee on Financial-Credit and Budgetary Affairs of the National Assembly of Armenia.

According to Yeritsyan, the assessments are conducted on the basis of nearly two dozens of standards (level of spread, ties and other indicators). Yeritsyan also stated that the regulator receives sufficient information to detect risks in the early stages and transfer the information to law-enforcement authorities, adding that, in his opinion, the Central Bank receives data based on all transactions in the amount of over AMD 20,000,000 and AMD 5,000,000.

“Based on the latest monitoring conducted by the Council of Europe, new correctives have been recommended, and they have been considered and presented in the form of making amendments and supplements to the Law on the Fight against Money Laundering and Terrorism Financing.

“The amendments particularly address certain procedures for submission of financial reports and lists of persons who will be held accountable for revenues. They also envisage expansion of the list of persons who have political influence, particularly high-ranking local officials who hold major positions within international organizations,” he added.

After the discussion, the MPs approved the bill.

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