CBA CHAIRMAN: TOP AGENDA IN ARMENIA’S CRACKDOWN ON MONEY LAUNDERING IS TO BUILD UP APPROPRIATE BODIES’ CAPACITY

Arka News Agency, Armenia
June 27 2006

YEREVAN, June 27. /ARKA/. The top agenda in Armenia’s crackdown on
money laundering and terrorism financing is to build up appropriate
bodies’ capacity, Tigran Sargsyan, Chairman of the Central Bank of
Armenia, said Tuesday at a seminar focused on money laundry.

In his words, high-qualified specialists are needed in this area.

Armenia has never been in need of them before since money laundry
has never been reckoned among pressing problems.

"Today Armenia is actively integrating into international financial
systems. That is why up-to-international-standards measures are to
be taken against money laundering and terrorism financing", Sargsyan
said and stressed that Armenia needs its own specialists familiar
with world experience and able to combat money laundry in the republic.

The CBA Chairman said mechanisms of cooperation either between
appropriate agencies within Armenia or with international organizations
are necessary as well.

Sargsyan said the Central Bank has already embarked on work with
Finance Ministry, Justice Ministry, National Security Service, State
Tax Agency and State Customs Committee.

He said money laundry is a new phenomenon to Armenian authorities
since they have never faced such a problem before. "Armenia has no
experience in this area, and appropriate legislation just starts
developing here", the head of the bank said stressing that, taking
into account a special importance of the dealing with the problem,
the international community is trying to create a single standard
for combating this evil. In particular, efforts are being made for
reaching a common interpretation of national laws.

The seminar on money laundry opened Tuesday at the Central Bank of
Armenia. The event is organized by the CBA in association with UN
office on combating crime and drug trafficking and the OSCE Yerevan
office.

The seminar’s aim is to discuss an acceptable model of crackdown on
money laundry in Armenia.