Azernews.Az

BAKU – A Council of Europe group assessing efforts to fight money laundering has said there is no need to apply "a special monitoring regime" to Azerbaijan.

MONEYVAL passed the decision following discussions at its general meeting held from September 27 to October 1.

According to the Financial Monitoring Service under the Azerbaijan Central Bank, a report assessing the measures taken in the country to counter money laundering and terror financing was submitted at the meeting. The Service’s representatives briefed participants on the country’s achievements in this area, improvements in legislation and institutional development. "In conclusion of the meeting, MONEYVAL decided not to subject Azerbaijan to "a special monitoring regime," it said.

MONEYVAL was established in September 1997 by the Committee of Ministers of the Council of Europe to conduct self and mutual assessment exercises of the anti-money laundering measures in place in Council of Europe member states, which are not members of the Financial Action Task Force (FATF). The effort includes encouraging jurisdictions to improve their anti-money laundering measures and to enhance international cooperation. Currently 28 Council of Europe member states are evaluated by MONEYVAL.