Azerbaijan tightens anti-money laundering measures
By Sara Israfilbayova
Azerbaijan’s Financial Market Supervisory Body (FMSB) and the Chamber of Auditors signed a memorandum on cooperation in the field of combating the financing of terrorism and legalization of money or other property obtained by criminal means.
Within the framework of the memorandum, both structures will modernize mutual cooperation and expand joint measures in the field of combating money laundering, including exchanging information and documents, and will form a unified information base in this area.
The two agencies will hold joint business meetings, scientific and practical conferences and seminars on this topic.
Azerbaijan has acceded to the European Convention on Laundering, Search, Seizure and Confiscation of the Proceeds from Crime of 1990 and the European Convention on the Suppression of Terrorism of 1977.
The government closely cooperates with the Council of Europe Select Committee of Experts on the Evaluation of Anti-money Laundering Measures (MoneyVal), and applies the universally recognized 40+8 FATF Recommendations throughout its financial system.
Money laundering is a process/mechanism to obscure the origins of proceeds of crime. The primary intention is to blur the trail and footprints. Money laundering is linked to a chain of other crimes.
Globally, money laundering is estimated to be around $2.50 trillion, which accounts for approximately 2-5 per cent of the global economy.
---
Follow us on Twitter @AzerNewsAz