OSCE supports Armenia’s efforts to fight money laundering and terrorism financing

Organization for Security and Co-Operation in Europe (OSCE)

May 6 2005

YEREVAN, 5 May 2005 – The establishment of a financial intelligence
unit to help fight money laundering and the financing of terrorism
was the focus of a conference organized by the OSCE in Yerevan today.

Representatives of the National Assembly, the Government, the
President’s Office and the Central Bank, as well as international
organizations and NGOs, discussed international standards and good
practices existing in the field and the work of the national Financial
Monitoring Unit, established within the Central Bank of Armenia under
a recent law.

“The OSCE stands ready to further support the Armenian Government
in implementation of the recently adopted legislation in line with
international standards in order to fight money laundering and the
financing of terrorism,” said Ambassador Vladimir Pryakhin, Head of
the OSCE Office in Yerevan.

Tigran Sargsyan, Chairman of the Armenian Central Bank, added: “Money
laundering is a crime that hinders the country’s economic development
and negatively influences the investment climate. Armenia is prepared
to strengthen mechanisms to fight it.”

The conference follows a series of workshops organized with the support
of the OSCE in 2003 and 2004. They offered recommendations that were
used in adopting laws and amendments to provide a legal framework to
effectively fight money laundering and the financing of terrorism.

The participants also discussed the need for better information
exchange and the role of international organizations, including the
OSCE, the United Nations, the Council of Europe and the Egmont Group
of financial intelligence units.

The event was jointly organized by the OSCE Office in Yerevan and
the Office of the Co-ordinator of OSCE Economic and Environmental
Activities, the United Nations Office on Drugs and Crime, the Armenian
General Prosecutor’s Office and the Central Bank of Armenia.

At the Maastricht Ministerial Council in December 2003 OSCE
participating States once again underscored that money laundering is
a threat to security and reaffirmed their commitment to combat it.

From: Emil Lazarian | Ararat NewsPress