U.S.: 'Azerbaijan has undergone rapid economic development'

The US Department of State announced its annual money laundering and financial crimes country database. The section on Azerbaijan underlines that throughout the past decade, Azerbaijan has undergone rapid economic development and implemented notable economic reforms. “While Azerbaijan is focused on the need for economic diversification, the energy sector generated almost half of Azerbaijan‘s gross domestic product in 2011”.

The report says that the Azerbaijani government is taking consistent measures against crimes in the financial sector occurred as a result of illicit drug trade. The government of Azerbaijan also fulfils the obligations taken before the Committee of Experts on the Evaluation of Anti-Money Laundering and the Financing of Terrorism (MONEYVAL). “In 2011, Azerbaijan made progress in increasing its ability to address money laundering/terrorist financing vulnerabilities by strengthening its Financial Monitoring Service (FMS), Azerbaijan‘s financial intelligence unit (FIU), and implementing new regulations in line with international standards”.

“Azerbaijan is a member of the Committee of Experts on the Evaluation of Anti-Money Laundering and the Financing of Terrorism (MONEYVAL), a Financial Action Task Force (FATF)-style regional body”.


/AzerTAc/