EBRD seeks to apply anti money laundering sanctions for Azerbaijani banks

EBRD has launched a training programme aimed at introducing the Azerbaijani bank sector to international sanctions in the field of anti-money laundering and counter terrorism financing.
The training sessions are being held in Baku with assistance of EBRD on October 2-4.

"These seminars are being held in many countries and we attach great importance to their effectiveness," the lawyer and director general of Lessons Learned training organisation Tim Parkman noted.

Development and use of an approach based on the risks of corporate banking; assessment and analysis of clients based on management risks; development of an approach on risks linked with financial institutions and some other issues are on the agenda.
The national base in Azerbaijan and the policy of common sanctions in anti-money laundering are being discussed at today's seminar.

Representatives of AG Bank, Demirbank, Bank Respublika, Rabitabank, Accessbank and Unibank are all taking part.

Seminar participants were introduced to international acts and in particular the Council of Europe Convention on Laundering, search, seizure and confiscation of proceeds from crime and the financing of terrorism, adopted in 1990, with Azerbaijani law on 'Anti-money laundering and counter terrorism financing', approved on March 1 2003, with the law on 'Fight against corruption' approved on January 13 2004 and activities of a CE Expert Committee on assessment of measures against anti-money laundering and counter terrorism financing (MONEYVAL).

Azerbaijan has been represented at MONEYVAL since 2002, after being a full member of the Council of Europe in January 2001. MONEYVAL has been holding the fourth round of assessments of the national systems of its member countries since 2010. Azerbaijan's assessment is included in MONEYVAL's working plan for 2013.

This assessment covers the effectiveness of the system and the practical application of legislation in the sphere of anti-money laundering and counter terrorism financing.

FATF has updated recommendations on these issues and updated FATF recommendations were approved at a plenary meeting of the group on February 15-17 of 2012.

Standard updates held due to joint cooperation with respective stat agencies, private sector and civil society, sets the goal of strengthening the global mechanisms of protection from real and potential threats.

The Financial Monitoring Service was established within FATF in accordance with President Ilham Aliyev's decree dated Feb. 23, 2009. The monitoring will cover credit institutions, insurance and reinsurance organisations, the professional securities market, leasing services of credit institutions, money transfers through post offices and other organisations, pawn shops, investment funds, transactions with precious metals and stones and purchase products, non-governmental and religious organisations, lotteries, and providing real estate services.


/Trend/