CBA: Armenia never listed among countries engaged in money launderin

CBA: Armenia never listed among countries engaged in money laundering

August 22, 2012 – 14:42 AMT

PanARMENIAN.Net – About 1000 reports on suspicious transactions have
been submitted to Central Bank of Armenia (CBA) Financial Monitoring
Center since 2006, the center’s head said.

As Daniel Azatyan told a press conference, particularly plastic card
transactions, counterfeit checks and letters, as well as securities
spark doubts.

The expert further pointed to construction sector as the most risky
infrastructure in Armenia for money laundering, with letters
presenting counterfeit documents for receipt of goods often filed.

`Financial Monitoring Center cooperates with law enforcement
authorities, with about 230 applications submitted for the past five
years. Several legal proceedings have been recorded in 2012, with the
case of abuse of office by bank employees’ among them,’ he said,
adding that Armenia was never included Council of Europe’s list of
countries engaged in money laundering, in contrast to Azerbaijan and
Ukraine.

The Financial Monitoring Center (FMC) was established in 2005 as a
separate unit in the structure of the Central Bank of Armenia. The FMC
is an administrative-type financial intelligence unit, which acts as
an intermediary between reporting entities and law enforcement
authorities. The mission of the FMC is to combat money laundering and
terrorism financing (AML/CFT).

The main function of the FMC is to collect, analyze and exchange
information for AML/CFT purposes. In addition, the FMC represents the
Republic of Armenia in several international organizations and
structures, while actively participating in international AML/CFT
initiatives.

From: Emil Lazarian | Ararat NewsPress