Паст инфо

The president of the Central Bank, presenting the package of 15 draft laws said that it was prepared as a result of the discussion among the experts of the RA General Prosecutor’s office, Court of Cassation, RA Ministries of Justice and Finance, National Security Service, RA Police, the Revenue Committee and other concerned bodies. The recommendations of the MONEYVAL Committee of the Council of Europe and International Monetary Fund experts about the system of fight against money laundering and terrorist financing in Armenia, as well as problems, gaps and contradictions that came up in the process of the use of current legislation were taken into account. 

 

According to the main speaker, the changes in the package can be divided into 3 groups – criminal or criminal-judicial sphere, general fight against money laundering and terrorist financing and to the changes and amendments not connected with the financial sphere. 

 

The criminal and criminal-judicial changes mostly concern the list of the pre-actions of money laundering prescribed in Article 190 of RA Criminal Code. It is offered to replace the list with all the crime that result in the obtaining of property as pre-actions of money laundering. 

 

It is also expected to change the limits of the reports of transaction that are subject to mandatory reporting. With the current law the limit for the real estate is from 20 million and 50 million AMD. The limit of 10 thousand dollar/euro is a widely accepted practice is the world. Based on that, taking into account the large scale of the cash transactions, 5 million AMD limit will be prescribed in the new law leaving 20 and 50 million limit for other transactions.