Parliament passes anti-money laundering law
The Azerbaijani parliament on Tuesday adopted a law
on fighting money laundering, implementing another commitment to
the Council of Europe.
The law seeks to establish a legal mechanism to expose and counter terror financing cases and legalization of illegally acquired funds and other property. The document also envisages setting up a financial intelligence unit, however, it will not be in charge of conducting investigations. Also, it aims to track down the flow of revenues that could potentially be channeled into the above-mentioned illegal activities.
Such monitoring will not apply to bank secrets or any other secrets protected under national laws.
The law seeks to establish a legal mechanism to expose and counter terror financing cases and legalization of illegally acquired funds and other property. The document also envisages setting up a financial intelligence unit, however, it will not be in charge of conducting investigations. Also, it aims to track down the flow of revenues that could potentially be channeled into the above-mentioned illegal activities.
Such monitoring will not apply to bank secrets or any other secrets protected under national laws.
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