LAW OF THE REPUBLIC OF ARMENIA

of December 28, 2016 No. ZR-216

About entering of amendment into the Criminal code of the Republic of Armenia

Accepted by National Assembly of the Republic of Armenia on December 16, 2016

Article 1. To add the criminal code of the Republic of Armenia of April 18, 2003 (further – the Code) with Article 189.1 of the following edition:

"Article 189.1. Creation, organization or management of financial pyramid

1. Creation, organization or management of financial pyramid or its part,

attracts infliction of penalty from five hundred multiple to eight hundred multiple sizes of minimum wage or arrest for a period of two up to three months with deprivation of the right to hold certain positions or to be engaged in certain activities for the term of one year or without deprivation of the right.

2. The acts provided by part one of this Article:

As a result of 1) in which financial pyramid the amount or property in large sizes was attracted;

2) which caused to persons, the organizations or the state damage in large sizes;

3) which were made with use of official position,

attract imprisonment for a period of two up to five years with confiscation of property or without confiscation with deprivation of the right to hold certain positions or to be engaged in certain activities for the term of not over two years or without deprivation of the rights.

3. Provided by part one or the second this Article of act:

As a result of 1) in which financial pyramid the amount or property in especially large sizes was attracted;

2) which caused to persons, the organizations or the state damage in especially large sizes;

3) which were made by organized group,

attract imprisonment for a period of five up to eight years with confiscation of property or without confiscation with deprivation of the right to hold certain positions or to be engaged in certain activities for the term of not over three years or without deprivation of the right.

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