Armenian president signs bill to combat money laundering

.c The Associated Press

YEREVAN, Armenia (AP) – Armenian President Robert Kocharian has signed
into law a parliamentary bill on combating money-laundering, his
office said Sunday.

The new law, which is also intended to help block funding of
terrorism, requires banks to report money transfers by individual
clients exceeding the equivalent of US10,000 (about euro7,600) and
obliges business structures to report all real-estate deals worth the
equivalent of more than US$100,000 (about euro76,000).

The law establishes a special structure under the ex-Soviet republic’s
Central Bank to track down money-laundering.

01/16/05 13:41 EST

Emil Lazarian

“I should like to see any power of the world destroy this race, this small tribe of unimportant people, whose wars have all been fought and lost, whose structures have crumbled, literature is unread, music is unheard, and prayers are no more answered. Go ahead, destroy Armenia . See if you can do it. Send them into the desert without bread or water. Burn their homes and churches. Then see if they will not laugh, sing and pray again. For when two of them meet anywhere in the world, see if they will not create a New Armenia.” - WS