On June 21 the National Assembly passed a new Law on Money Laundering and Terrorist Financing which provides for mandatory reporting of cash transactions in the amount of AMD 5 million (around USD 12,200) or more. Issuance and servicing of bearer securities and payment instruments will be prohibited. The law also provides for new documentation and record keeping requirements for reporting agents and requires owners and managers of gambling and lottery companies to undergo a fit and proper test.