Armenia`s CB to be authorized to verify gift transactions 

ArmInfo.The Central Bank of Armenia will receive the authority to verify the authenticity of transactions involving gift transactions. At a meeting on October 16, the Commission on Financial, Credit and Budgetary Issues of the National Assembly of the Republic of Armenia issued a positive conclusion on the amendments to the law "On Combating Money Laundering and the Financing of Terrorism" submitted by the  Government of the Republic of Armenia.

According to the RA Deputy Minister of Justice Ara Mkrtchyan,  according to the bill, in transactions related to the donation of  property, the Real Estate Cadastre Committee and notary offices  submit reports to the authorized body represented by the Central  Bank, which undertakes to verify the legality of these transactions.  This measure, as the Deputy Minister emphasized, is aimed at more  effective risk management in this area, especially in the context of  a sharp increase in cases of gift transactions.

In turn, the chairman of the parliamentary commission Gevork Papoyan  cited very remarkable statistics.  According to him, in the first  half of 2020, 19,979 transactions involving the purchase and sale of  property were recorded in the country, 6 thousand of which were  donations. Three years later, in the first half of 2023, the number  of transactions for the purchase and sale of property increased to  23.7 thousand, 12.6 thousand of which were deeds of gift, more than  doubling. "Obviously there are some risks associated with money  laundering. The majority of the country's citizens may not worry  about innovations, but in no case should they not react to this  intensification," Papoyan said.