of December 22, 2005 No. ZR-253
About modification and amendments in the Law of the Republic of Armenia "About currency control and currency exchange control"
Accepted by National Assembly of the Republic of Armenia on December 8, 2005
Article 1. Part of one article 6 of the Law of the Republic of Armenia "About currency control and currency exchange control" (on November 24, 2004, ZR-135-N) after words of "performing works" to add with words ", uses of property".
Article 2. To state article 9 of the Law in the following edition:
"Article 9. Currency exchange control and supervision
1. Currency exchange control in the Republic of Armenia is exercised by bodies of currency exchange control, and currency supervision – currency agents.
Bodies of currency exchange control in the Republic of Armenia are the bodies specified in parts 3, 4 and 5 these Articles.
Agents of currency supervision are the banks operating in the territory of the Republic of Armenia. Agents of currency supervision are accountable to the Central bank according to the procedure, established by the Central bank.
2. Bodies of currency exchange control and agents of currency supervision within the competence exercise control and supervision concerning the currency transactions made in the Republic of Armenia by residents and nonresidents, compliance of these transactions to the laws and other legal acts of the Republic of Armenia, observance of conditions of licenses. The procedure and conditions of implementation by agents of currency supervision of currency supervision establishes council of the Central bank.
3. Control of observance by persons of requirements of this Law and other legal acts adopted on the basis of this Law licensed by the Central bank, conditions of licenses performs the Central bank by means of checks on places or in absentia according to the procedure, established by the Law of the Republic of Armenia "About the Central bank of the Republic of Armenia".
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