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Cabinet approves use of frozen assets

23 August 2016 [12:11] - TODAY.AZ

By Azernews

By Rashid Shirinov

The Cabinet of Ministers of Azerbaijan approved the procedure of ensuring the use of frozen assets of individuals and legal persons to meet the requirements in the necessary and emergency expenses.

The text of the decision was published in official press on August 23.

The document states that the State Security Service of Azerbaijan provides permission to use the frozen assets.

Thus, assets can be unfrozen for the purpose of payment of taxes and duties, insurance payments (excluding life insurance), utility costs, financial services, protection of interests of individuals and legal entities.

Individuals will also be able to use frozen assets to pay mortgages, rent, and membership fees in connection with professional activity, the necessary costs of food, medical services and purchase of medicines. Permission to use the frozen assets is available for seven days.

The request to the State Security Service to obtain permission for the use of the frozen assets by individuals and legal entities should be justified in writing.

In addition, the Service may authorize the use of these funds in other cases unintended by the document.

Access to frozen assets is available only after complete removal of the risk that these funds may be used to finance terrorism.

In case if the funds in the frozen accounts are not enough to pay for necessary or unforeseen expenses, the State Security Service can authorize the use of the following assets: payments or interest on frozen accounts, payments on previously signed contracts and any other payments in favor of persons whose assets are frozen.

Natural and legal persons can appeal against the decision of the State Security Service in an administrative or judicial procedure.

URL: http://www.today.az/news/business/153592.html

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