OSCE supports Armenia's efforts to fight money laundering and terrorism financing

YEREVAN, 5 May 2005 - The establishment of a financial intelligence unit to help fight money laundering and the financing of terrorism was the focus of a conference organized by the OSCE in Yerevan today.

Representatives of the National Assembly, the Government, the President's Office and the Central Bank, as well as international organizations and NGOs, discussed international standards and good practices existing in the field and the work of the national Financial Monitoring Unit, established within the Central Bank of Armenia under a recent law.

"The OSCE stands ready to further support the Armenian Government in implementation of the recently adopted legislation in line with international standards in order to fight money laundering and the financing of terrorism," said Ambassador Vladimir Pryakhin, Head of the OSCE Office in Yerevan.

Tigran Sargsyan, Chairman of the Armenian Central Bank, added: "Money laundering is a crime that hinders the country's economic development and negatively influences the investment climate. Armenia is prepared to strengthen mechanisms to fight it."

The conference follows a series of workshops organized with the support of the OSCE in 2003 and 2004. They offered recommendations that were used in adopting laws and amendments to provide a legal framework to effectively fight money laundering and the financing of terrorism.

The participants also discussed the need for better information exchange and the role of international organizations, including the OSCE, the United Nations, the Council of Europe and the Egmont Group of financial intelligence units.

The event was jointly organized by the OSCE Office in Yerevan and the Office of the Co-ordinator of OSCE Economic and Environmental Activities, the United Nations Office on Drugs and Crime, the Armenian General Prosecutor's Office and the Central Bank of Armenia.

At the Maastricht Ministerial Council in December 2003 OSCE participating States once again underscored that money laundering is a threat to security and reaffirmed their commitment to combat it.