Illicit Financial Flows and Asset Recovery in the Republic of Armenia

03-09-2021
Illicit Financial Flows and Asset Recovery in the Republic of Armenia
Illicit Financial Flows and Asset Recovery in the Republic of Armenia

This study by the European Union and the United Nations Interregional Crime and Justice Research Institute (UNICRI) sheds light on the significant damage being caused to Armenia as a result of unchecked Illicit Financial Flows (IFFs), and on the significant value of prioritising the capture of illicitly-obtained assets linked to such IFFs.

Despite not yet having established a dedicated Asset Recovery Office (ARO), Armenia has made major improvements in terms of complying with the international recommendations. The country has in fact several subdivisions and independent bodies which are in charge of combating organised crime, money laundering or the financing of terrorism. However, many efforts are still required by the international community, and an increased focus on the seizure, confiscation and recovery of illicitly-obtained assets is essential.