Back Council of Europe supports Anti-Money Laundering and Counter-Terrorist Financing compliance and implementation of targeted financial sanctions

SPECIALIZED TRAININGS FOR THE FINANCIAL AND NON-FINANCIAL SECTOR IN ARMENIA
Council of Europe supports Anti-Money Laundering and Counter-Terrorist Financing compliance and implementation of targeted financial sanctions

Financial institutions and Designated Non-Financial Businesses and Professions (DNFBPs), have significant impact on the fight against money laundering and terrorist financing, as recognized by the Financial Action Task Force (FATF). Although anti-money laundering regulations have traditionally concentrated on financial institutions, designated non-financial businesses and professions (DNFBPs) encompass various industries and professions that are equally vulnerable to exploitation by illicit actors.

To discuss this important topic the Council of Europe in cooperation with the Financial Monitoring Center of the Central Bank of Armenia (FIU of Armenia), organised a three-day training with engagement of over 140 representatives from Financial Institutions and Designated Non-Financial Businesses and Professions (DNFBPs).

The program focused on advancing the expertise of financial institutions and DNFBPs in Anti-Money Laundering (AML), Counter-Terrorist Financing (CTF) compliance, and the implementation of targeted financial sanctions for proliferation and terrorism financing.

The training aimed at familiarising the audience with the main elements of an effective compliance program and risk-based approach specific to these sectors. Typologies and case studies relevant for financial sector and DNFBPs were discussed. Another major objective was to equip participants with practical insights and experience, enabling a proactive approach to identifying, mitigating, and preventing financial crimes within respective sectors.

The aspect of implementing targeted financial sanctions was also addressed during the training sessions, in view of raising awareness on the national regulatory framework, international standards and best practices. Furthermore, the events provided an effective platform for engaging discussions on emerging challenges related to national money laundering and terrorist financing risk assessment (NRA) and effective strategies for applying relevant preventive measures.

The active engagement of national institutions reflects Armenia's proactive approach in aligning its financial and non-financial sectors with the global AML/CTF standards, ultimately contributing to a safer and more secure financial environment in the country.

This event is part of the European Union and the Council of Europe joint programme “Partnership for Good Governance”, co-funded by the European Union and the Council of Europe, and implemented by the Council of Europe, in the framework of the Project on “Enhancing national capacities for effective prevention and fight against economic crime in Armenia”.


 

YEREVAN, ARMENIA 23-25 JANUARY 2024
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The Council of Europe is the continent’s leading human rights organisation, with 46 member states, including Armenia. All our member states are party to the European Convention on Human Rights, which is the cornerstone of human rights protection in Europe.

The Council of Europe Office in Yerevan, represents the Secretary General in Armenia. It closely co-operates with national authorities supporting the implementation of statutory obligations to the Council of Europe by Armenia through co-operation projects.


 

Armenia and the Council of Europe – bringing human rights from the conference table to your kitchen table

The Council of Europe works for you. We want to give visibility to the role, standards and work of the Council of Europe in its member states, to show how Council of Europe membership has helped achieve particular results or changes. Our aim, through a variety of events and actions, is to highlight ways in which the Council of Europe’s action has helped improve the life of individuals and contributed to improving people’s enjoyment of fundamental rights.

 

Whether it is the impact of the European Convention on Human Rights at national level, or the Council of Europe's work in many fields, such as working to abolish the death penalty or to ensure freedom of expression and freedom of the media, or to adress online and technology-facilitated violence against women through the Istanbul Convention and Budapest Convention on Cybercrime, the Council of Europe has achieved a lot since 1949. View achievements »