VIDEO: Violations in Currency Exchange Sector Reported by the Armenian State Revenue Committee

In the framework of combating tax violations and economic crimes, the Armenian State Revenue Committee (SRC) recently uncovered a series of violations committed by individuals engaged in currency trading as a result of comprehensive operational-investigative measures.

The SRC reported that three limited liability companies conducted currency exchange transactions without possessing the license granted by the Central Bank of Armenia.

Records have been prepared regarding the violation of Article 407 of the Armenian Tax Code, which have been sent to the legal department of the SRC for discussion on administrative accountability. Simultaneously, reports of criminal activity have been submitted to the Investigative Committee to discuss the initiation of criminal proceedings.

In another case, sole proprietor “G.D.” failed to request identification documents from a customer for transactions exceeding 100,000 drams and falsely registered the transaction using his son’s passport, violating the requirements established by a decision of the Council of the Central Bank of Armenia.

One employee of a currency exchange point divided a transaction exceeding 100,000 drams into two parts to avoid requesting identification documents from the customer, which also violated the established regulations of the Central Bank.

Sole proprietors “A.M.”, “H.H.”, and “H.Q.” carried out currency exchange transactions in violation of the relevant articles of the Law on Currency Regulation and Currency Control, and failed to provide the necessary confirmations for the currency exchange transactions in the stipulated manner and form.

Additionally, two more companies concealed taxable turnover amounting to approximately 60 million drams. For more details, watch the video.