COMBATING MONEY LAUNDERING AND TERRORISM FINANCING
The Republic of Armenia, represented by the Financial Monitoring Center (FMC), contributes to the works of several international organizations and structures, which are involved in the development of AML/CFT international standards and in the implementation and enforcement of these standards internationally.
The Republic of Armenia has a full member’s status in the Council of Europe’s Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) and an observer’s status in the Eurasian Group on Combating Money-Laundering and Terrorism Financing (EAG). Operating under the Organization for Economic Co-operation and Development (OECD), these structures are considered Financial Action Task Force (FATF) style regional bodies, which aim to ensure the implementation and enforcement of FATF 40 recommendations and 9 special recommendations in member states. In addition, the Republic of Armenia has been a member of the Egmont Group of Financial Intelligence Units since 2007. This membership provides the opportunity to cooperate with financial intelligence units of around 120 countries, to exchange information through a secured system, as well as to contribute to the management of the Group and to participate in plenary sessions and working group meetings of the Group.
In accordance with current legislation, the FMC is assigned with the authority to cooperate and coordinate the works with international organizations and structures stated above, as well as with other bodies in the area of AML/CFT.