Azerbaijani parliament adopts draft law on combat with money laundering and terrorism financing

The law envisions creation of a special structure to deal with the financial investigation and examination of the legality of income sources under banking transactions, exceeding AZN 20,000.

The draft law is aimed at creation of the legislative basis for revealing the law offenses, connected with money laundering and terrorism financing.

Speaking before the deputies, deputy chairman of the board of the National bank of Azerbaijan Rufat Aslanly explained that the persons or organizations to undergo monitoring will be considered suspected of the crime.

He said the monitoring by the financial inspection does not mean that they will check the activity of the banks, insurance companies and entrepreneurs on the spots.

"The financial inspection will get information about suspicious operations from the companies, engaged in financial transactions. Considering that the report on the financial operation between the two economic subjects is sent to the financial inspection, it does not mean that one of the establishments is suspected of the crime.

"The structure to deal with financial monitoring, is not empowered to hold inspections of the due economic establishments, interfere with the financial operations. For example, a body receives information about the financial transaction, exceeding AZN 20,000.

At the same time, the body is presented the opinion of the financial operator about his client. It means that the customer has a good reputation as to them. If the financial inspection has other questions, they appeal to the financial operator, not to the client, that holds the transaction", said Aslanly.

The deputies voted for this draft law after discussions.

/Day.Az/