Council of Europe: Armenia has yet to make asset recovery a key  policy goal despite significant efforts

ArmInfo. The Council of Europe's Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) has concluded that, despite significant efforts to recover illicitly  obtained assets, Armenia has not yet established this as a primary  policy objective.

This finding follows a comprehensive assessment of  Armenia's progress in the confiscation of proceeds from criminal  activities, conducted by experts during a visit to the country last  October, as reported by Radio Azatutyun (Radio Free Europe/Radio  Liberty). 

"While the implementation of the system for the confiscation of  assets of illicit origin has strengthened the country's capacity to  seize illegal assets, MONEYVAL calls for a review of all stages of  the confiscation system, as well as an expansion of the expertise and  resources necessary to identify, seize, and confiscate proceeds of  crime," the report states.

The Council of Europe urges Armenian authorities to conduct more  in-depth analyses regarding external threats, terrorism financing,  and risks associated with virtual assets. Furthermore, the committee  suggests that further improvements are needed in assessing risks  within the real estate sector and in mechanisms for operational  cooperation. Conversely, the report commends the efforts made to  raise awareness regarding money laundering and terrorism financing  risks, describing the national policies and strategies aimed at  combating these threats as "adequate."

As a result of this evaluation, Armenia has been provided with a  roadmap of actions to be implemented over the next three years. The  authorities are required to report to MONEYVAL on their progress  toward these objectives.