“Significant weaknesses in the investigation and prosecution of money laundering” in Armenia, are uncovered in a new Council of Europe report.
Its authors, from the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL), urge the authorities to take “immediate action to ensure that law enforcement efforts are fully commensurate with the money laundering risks faced by the country.”
According to the 28 January report, “fraud, tax evasion, contraband and embezzlement pose the highest threats in terms of money laundering.
“Within the Armenian economy, the banking and real estate sectors are the most vulnerable to money laundering. Financial intelligence is gathered very effectively but law enforcement does not often make effective use of it to develop evidence, trace, seize and confiscate criminal proceeds from money laundering.”