ARMENIAN GOVERNMENT APPROVES AMENDMENTS TO PENAL CODE WITH STRICTER SANCTIONS AGAINST ECONOMIC CRIMES

ARKA
Nov 8, 2007

YEREVAN, November 8. /ARKA/. Armenia’s Government approved the
amendments to the country’s Penal Code providing for stricter sanctions
against economic crimes, Deputy Prosecutor General of Armenia Mnatsakan
Sargsian told journalists Thursday.

According to him, under the amendments the maximum amount of penalties
for economic crimes is to be increased up to thousand-fold of minimum
wages (from one to three million Drams), and in cases with imprisonment
– from 2-4 to 3-5 years.

"After having analyzed the practice of economic crimes and having
considered the international experience, we came to a conclusion
that heavy fines and stricter punishment for the cases when custody
is envisaged can provide the desirable result, provided punishment
inevitability is ensured," Sargsian said.

According to him, it will also become an indirect incentive to the
due fulfillment of tax obligations by persons and organizations and
to rooting out impunity for increasing the state budget receipts.

From: Emil Lazarian | Ararat NewsPress