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Armenia expands list of officials who have to submit income declarations

30.06.2021, 17:43
An extraordinary meeting of Armenia’s outgoing National Assembly has passed today in the second and final reading a set of amendments and additions to the law On Combating Money Laundering and Financing of Terrorism.
Armenia expands list of officials who have to submit income declarations

YEREVAN, June 30. /ARKA/. An extraordinary meeting of Armenia’s outgoing National Assembly has passed today in the second and final reading a set of amendments and additions to the law On Combating Money Laundering and Financing of Terrorism.

According to the Deputy Chairman of the Central Bank Nerses Yeritsyan, the amendments expand the list of officials who will have to submit income declarations.

Yeritsyan said that apart from director of a company, the list of persons who must submit income declarations, includes also a circle of persons involved in the management of the company. It will have also to name persons involved in trust structures and companies with foreign capital.

"The amendments are aimed at identifying the real owners and beneficiaries of companies, checking their identity to ensure legal entities’ transparent operation," Yeritsyan said.

According to him, the amendments also provide for the expansion of the list of persons with political influence, who will also have to submit income declarations. They are local high-ranking officials, persons who hold important positions in international organizations, as well as members of their families or persons associated with him and officials from local self-government bodies.

Besides, the Financial Monitoring Center will monitor all suspicious transactions, freezing or suspending transactions. This is being done now by the Central Bank.

Yeritsyan said that the changes were proposed within the framework of the last monitoring by the Council of Europe’s MONEYVAL and represent the last group of amendments, after which Armenia’s legislation will be in line with international standards.

According to the Central Bank, the risk of terrorist financing in Armenia is considered low, and that of money laundering - below average.

Besides, the Central Bank receives data on all transactions over 20 million drams and $5 million, including cash and analyzes all data. ($1 - 495.86 drams). –0—