PARLIAMENT OPENS DEBATES ON REVISED BILL ON FIGHTING MONEY-LAUNDERING

ArmenPress
Nov 23 2004

YEREVAN, NOVEMBER 23, ARMENPRESS: Armenian parliament resumed Monday
debates over a Central Bank-designed bill that calls for a crackdown
on money-laundering and financing terrorism. The bill was turned down
last week when it was put on the first reading. Presenting the revised
draft law to parliament members Central Bank chairman Tigran Sarkisian
said several remarks and proposals suggested by lawmakers were
incorporated into the bill. Particularly, the notion of “suspicious
transaction” that was vehemently rejected by lawmakers, was specified.

The revised notion sets forth four formulations of what “suspicious
transaction’ is. It sets that the authorized body must be notified
about all money transfers exceeding 5 million drams. According to
Sarkisian, around 95 percent of all money remittances are less than
5 million drams (about $10,000). The bill also says that all deals
costing more than 20 million US dollars, with the exception of deals
related to sale and purchase of real estate property must be likewise
notified. The authorized body must be notified only about those sale
and purchase deals which cost more than 50 million drams.

Sarkisian said these mechanisms will not create obstacles for business
entities and individuals, adding that the draft law was developed
based on international conventions already passed by the parliament.