Moneyval concerned with shortcomings of regime of resistance to money laundering and terrorism financing in Azerbaijan

Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism - MONEYVAL calls on the financial organizations to pay a special attention to operations with persons from the financial organizations from Azerbaijan.

This is fixed in the document "Public statement regarding Azerbaijan, envisioned by measure No 6. Procedures of intensified correspondence of MONEYVAL of December 12 of 2007", published on the official website of the Federal service on financial monitoring of Russia.

"Since 2006 Moneyval has been concerned by the shortcomings of the regime of resistance of money laundering and financing of terrorism in Azerbaijan", says the statement.

"At its 28th plenary session, held in Strasbourg in period on December 8-12, Moneyval noted that the draft law on resistance to money laundering and financing of terrorism  was adopted in the second reading on October 31 of 2008. This draft law does not meet the key international standards", considers the committee.

Moneyval calls on Azerbaijan to review this draft law considering the aforementioned standards before completion of the legislative process and immediately adopt a complex law, meeting necessary demands.

Moneyval also calls on its member states and other countries to inform its financial organizations about the need to pay a special attention to operations with persons and financial organizations, residing or staying in Azerbaijan by way of application of the due inspection of the client in order to eliminate the risk of money laundering and financing of terrorism.

/Day.Az/