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Comments on $6.2 billion outflow from Armenia
16:13 - 29.12.13
More than $6.2 billion was siphoned from Armenia from 2002 through
2011 as a result of government corruption, tax evasion and other
illegal activity, www.azatutyun.am reports, citing the
Washington-based Global Financial Integrity (GFI) watchdog.
The major reason is, according to the GFI, the worst investment
environment in Armenia, economist Zoya Tadevosyan, an Armenian
National Congress (ANC) member, told Tert.am.
`If we compare, we can see much lower investment levels in Armenia,' she added.
The second reason is the corrupt Armenian authorities, and foreign
investors are well aware of that.
`The authorities are well informed of the situation. So the country's
political elite has no hopes for Armenia's better future. They are
well aware of what they are doing, and this is the cause of capital
outflow,' Tadevosyan said.
For the past five years, about $1 billion a year has been siphoned from Armenia.
`The authorities are making a poor mouth, claiming they cannot raise
pensions or solve social problems. They even say the people must
support them as much as they can,' Tadevosyan said. Citizens that are
patiently watching the authorities implementing their `plunderous
policy' are voluntary participants in their crimes.
Since huge funds are in Armenian officials' hands, the capital outflow
is evidence the authorities do not see any future for the country,
says ex-chairman of the Central Bank of Armenia Bagrat Asatryan.
According to the GFI, cash outflows from the country dramatically
increased in 2007, averaging approximately $1 billion per annum
through 2011.
Asatryan noted that the cash outflows include both domestic and
foreign funds flowing through Armenia.
`It is common knowledge that Armenia is a transit country for
siphoning funds from other countries, particularly Russia,' the
economist said. So Armenia may be involved in money laundering.
`Numerous facts can be cited, including luxury housing construction,' he said.
According to the report, a total of $4.5 billion was siphoned from
Georgia from 2002 to 2011. A total of $17 billion was siphoned from
Azerbaijan.
http://www.tert.am/en/news/2013/12/29/bagrat-zoya/
16:13 - 29.12.13
More than $6.2 billion was siphoned from Armenia from 2002 through
2011 as a result of government corruption, tax evasion and other
illegal activity, www.azatutyun.am reports, citing the
Washington-based Global Financial Integrity (GFI) watchdog.
The major reason is, according to the GFI, the worst investment
environment in Armenia, economist Zoya Tadevosyan, an Armenian
National Congress (ANC) member, told Tert.am.
`If we compare, we can see much lower investment levels in Armenia,' she added.
The second reason is the corrupt Armenian authorities, and foreign
investors are well aware of that.
`The authorities are well informed of the situation. So the country's
political elite has no hopes for Armenia's better future. They are
well aware of what they are doing, and this is the cause of capital
outflow,' Tadevosyan said.
For the past five years, about $1 billion a year has been siphoned from Armenia.
`The authorities are making a poor mouth, claiming they cannot raise
pensions or solve social problems. They even say the people must
support them as much as they can,' Tadevosyan said. Citizens that are
patiently watching the authorities implementing their `plunderous
policy' are voluntary participants in their crimes.
Since huge funds are in Armenian officials' hands, the capital outflow
is evidence the authorities do not see any future for the country,
says ex-chairman of the Central Bank of Armenia Bagrat Asatryan.
According to the GFI, cash outflows from the country dramatically
increased in 2007, averaging approximately $1 billion per annum
through 2011.
Asatryan noted that the cash outflows include both domestic and
foreign funds flowing through Armenia.
`It is common knowledge that Armenia is a transit country for
siphoning funds from other countries, particularly Russia,' the
economist said. So Armenia may be involved in money laundering.
`Numerous facts can be cited, including luxury housing construction,' he said.
According to the report, a total of $4.5 billion was siphoned from
Georgia from 2002 to 2011. A total of $17 billion was siphoned from
Azerbaijan.
http://www.tert.am/en/news/2013/12/29/bagrat-zoya/