Improving the legal and regulatory environment for anti-money laundering and combating terrorist financing
Country  Armenia 
Overall project value EUR 69,420
USD 75,536
AMD 35,732,556
Proportion carried out VXSoft (%) 80
Number of staff provided10
Name of clientMinistry of Finance of RA
Origin of fundingThe World Bank
Name of consortium members, if anyAvenue Consulting
Duration of the projectJuly 2014 - April 2015

Detailed description of project

The objective of the project was to develop legal, regulatory and institutional framework for AML/CTF (Anti Money Laundering and Combating Terrorism Financing) and align it with international standards for gambling industry of Armenia. This sector is perceived of being of a high risk for ML/FT and there are big challenges in ensuring the appropriate control and mitigation of all identified risks of this sector Due to refining of the legislative framework and tools, it is planned to make the risks in the field of gaming more visible and manageable. The tasks performed during the project were;
  • Identification of the existing gaps and deficiencies in the AML/CFT legislation and in the legislation regulating the gaming sector in RoA,
  • Presentation of comments and recommendations on refining the legislative framework,
  • Training of 15 employees (specialists and senior staff), responsible for ML/TF in the field of gaming in MF of RoA through on-site trainings and study visits,
Asa result of project the employees, responsible for ML/TF in the fieldof gaming in MF of RoA, refined their authorities and functionsduring licensing and supervision of the operations in the riskyareas.
Systemspecifications for development of an electronic reporting and riskmanagement system for the gambling industry were developed by theproject team.

Tasks delivered

  • Development of software specifications for programming teams related to electronic reporting forms,
  • User acceptance testing,
  • Business process analysis,
  • Legal review and preparation of normative acts,
  • Training
  • Organization of Study Tours to Monaco, US and Malta

Resources provided

  • Team leader (1 m/m)
  • Legal expert (8 m/m)
  • Training expert (3 m/m)