WB to assist Azerbaijan in combating money laundering
The Financial Monitoring Service of Azerbaijan’s Central Bank will send the National Action Plan on the elimination of risks in the fight against money laundering and terrorism financing to the World Bank in September 2015.
The National Plan was discussed by WB’s experts during a seminar held in Baku between June 30 and July 2.
At the event, World Bank experts Claudio Stroligo, Corey Votava, Giuseppe Lombardo, and Samir Maghreb commented on reports of vulnerabilities and threats that exist in this field.
Azerbaijan is also expanding cooperation with Turkey, Russia, and Macedonia in this field under the relevant presidential decree.
In accordance with the agreements signed between Azerbaijan and Turkey in Ankara this January and Azerbaijan and Macedonia in Strasburg this April, the countries are to cooperate in the exchange of financial information.
The agreement with Russia, however, provides for cooperation in the fight against terrorist financing and money laundering.
Azerbaijan has taken domestic measures as well as contributed to international endeavors through the involvement in multilateral and bilateral cooperation to combat various illegal activities.
The Financial Monitoring Service was established in Azerbaijan in 2009.
The monitoring service involves the activities of credit, insurance and reinsurance companies, professional securities market participants, pawnshops, investment funds, as well as transactions with precious metals and stones and products made from them.
Moreover, the activities of non-governmental and religious organizations, lotteries, lawyers, accountants, real estate transactions, securities, and property are also covered by the service.
Azerbaijan has acceded to the European Convention on Laundering, Search, Seizure and Confiscation of the Proceeds from Crime of 1990 and the European Convention on the Suppression of Terrorism of 1977.
The government closely cooperates with the Council of Europe Select Committee of Experts on the Evaluation of Anti-money Laundering Measures (MoneyVal), and applies the universally recognized 40+8 FATF Recommendations throughout its financial system.
The joint OSCE-UNODC National Workshop on Combating Money Laundering and Financing of Terrorism held in Baku on March 27-28, 2003 gave an additional impetus to the development of anti-money laundering policy on a national level as well.
