MONEYVAL experts to visit Armenia in September to assess work on money laundering control 

ArmInfo. In September of this year, experts from the MONEYVAL Committee of the Council of Europe  will visit Armenia to assess the work done by the country to combat money laundering. Deputy Chairman of the Central Bank of the Republic of Armenia Hovhannes Khachatryan announced this from the rostrum of the National Assembly of the Republic of Armenia. 

According to him, the MONEYVAL Committee of the Council of Europe is the main body monitoring legislative and technical regulations related to money laundering and terrorist financing in European countries, of which the Republic of Armenia is a member. By September, in addition to numerous preparatory works, several legislative initiatives must be implemented in order to bring the legislation of the republic in line with the standards established by the methodology of the Financial Action Task Force on Money Laundering (FATF). One of such documents is the amendments to the law "On Combating Money Laundering and Terrorist Financing" and the attached package of related laws. Khachatryan noted that the package  clarifies the processes related to customer due diligence, grounds and procedures for deferred checks. In particular, the limits of the volume of simplified checks and grounds for refusing to conduct transactions are clarified. It is planned to expand the responsibilities of persons carrying out money transfers, as well as to revise the regulations related to non-financial organizations.

The proposed amendments also provide for requirements to ensure the integrity of the heads of financial institutions, beneficial owners and persons affiliated with them.