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International Monetary Fund

This paper assesses observance of standards and codes on the Financial Action Task Force (FATF) recommendations for antimoney laundering and combating the financing of terrorism (AML/CFT) for Armenia. The assessment reveals that Armenia has made considerable improvements in its AML/CFT framework in a relatively short timeframe, particularly by replacing the first AML/CFT law, enacted in 2005, with a more comprehensive law, which was passed in 2008. It is also found that the money laundering offence in Armenia is criminalized broadly in line with the international standard.

International Monetary Fund

This detailed assessment report focuses on antimoney laundering and combating the financing of terrorism (AML/CFT) for Armenia. The report reveals that Armenia’s financial system remains small and bank dominated. Total assets of the banking sector accounted for approximately 91 percent of the assets in the financial system. Most banks are domestically owned but there is a major foreign presence in the system. The nonbank financial sector plays a small role in financial intermediation.

International Monetary Fund
This paper assesses observance of standards and codes on the Financial Action Task Force (FATF) recommendations for antimoney laundering and combating the financing of terrorism (AML/CFT) for Armenia. The assessment reveals that Armenia has made considerable improvements in its AML/CFT framework in a relatively short timeframe, particularly by replacing the first AML/CFT law, enacted in 2005, with a more comprehensive law, which was passed in 2008. It is also found that the money laundering offence in Armenia is criminalized broadly in line with the international standard.
International Monetary Fund
This detailed assessment report focuses on antimoney laundering and combating the financing of terrorism (AML/CFT) for Armenia. The report reveals that Armenia’s financial system remains small and bank dominated. Total assets of the banking sector accounted for approximately 91 percent of the assets in the financial system. Most banks are domestically owned but there is a major foreign presence in the system. The nonbank financial sector plays a small role in financial intermediation.
International Monetary Fund
This Selected Issues paper reviews the financial sector development in Georgia in recent years, and investigates why it has lagged behind economic development, as well as developments in more advanced transition economies. The paper briefly reviews recent financial sector development in Georgia, comparing it with developments in its neighboring countries in the Caucasus, the seven poorest countries in the Commonwealth of Independent States (CIS-7), the Baltics, and central and eastern Europe. The paper also analyzes possible factors constraining financial intermediation in Georgia and in some of the CIS countries more generally.
International Monetary Fund. Middle East and Central Asia Dept.
This Selected Issues paper on the Republic of Armenia seeks to quantify the macroeconomic impact of the government’s reform agenda, which covers three broad areas: tax policy and pension; governance, government efficiency, and corruption; and labor market and competition. Strengthening growth and competitiveness and addressing governance problems requires comprehensive reform efforts. The new government has made it clear that fighting corruption and improving governance remain top priorities. Measures have been proposed to enhance corporate transparency, including through accounting and auditing reforms. A more systematic support program for small and medium-sized enterprises, along with labor market reforms, should also help alleviate unemployment difficulties. The simulations suggest that the government’s tax policy reform can have a positive impact on output in the medium run if it is accompanied by supporting measures. The results suggest that a full implementation of the reform package would yield substantial benefits for the economy. In particular, it could increase real GDP by as much as 7 percent over the long run.
International Monetary Fund. Legal Dept.
The Georgian antimoney laundering (AML) and combating the financing of terrorism (CFT) regime has significantly improved since 2007. However, technical deficiencies, poor implementation, and limited resources undermine the effectiveness of the financial intelligence unit (FIU) and AML/CFT supervision. The country has a comprehensive legal framework in place criminalizing both ML and FT as autonomous offenses and no shortcomings have been identified. It has also established a framework to implement the relevant United Nations Security Council Resolutions (UNSCRs).
International Monetary Fund

This detailed assessment report focuses on antimoney laundering and combating the financing of terrorism (AML/CFT) for Armenia. The report reveals that Armenia’s financial system remains small and bank dominated. Total assets of the banking sector accounted for approximately 91 percent of the assets in the financial system. Most banks are domestically owned but there is a major foreign presence in the system. The nonbank financial sector plays a small role in financial intermediation.

International Monetary Fund. Middle East and Central Asia Dept.

First Review under the Stand-By Arrangement-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Armenia