Azernews.Az

By Amina Nazarli

A joint meeting of the Committee on Economic Policy, Industry and Entrepreneurship and the Committee on Legal Policy and State Building was held at the Parliament of Azerbaijan on June 6.

The meeting considered changes proposed to the Code of Administrative Offenses, the Criminal Code, the laws "On Insurance Activities", "On counteracting the legalization of monetary funds or other property proceeded from crime and the financing of terrorism".

Chairman of the Standing Commission on Economic Policy, Industry and Entrepreneurship of the Parliament, Ziyad Samadzade said that in connection with the ongoing work on deepening the successful economic reforms in the country, it is planned to amend a number of laws.

He noted that the draft laws were submitted to the Parliament by the President of Azerbaijan in accordance with the legislative initiative.

Anar Salmanov, the director of the Financial Monitoring Service under the Board of Directors of Financial Market Supervisory Body, commenting on the amendments proposed to the Law "On Currency Regulation" said that a new version of Article 14-1 has been proposed.

“In case the amendment approved, the Article will be as following: the relevant executive authority of the Azerbaijan in case of detection of traces of the legalization of money or other property received by criminal way and terrorism financing during import to and export from Azerbaijan the currency values, ​​should take measures to preserve and confiscate traces of the crime, transfer received documents to the relevant body conducting the criminal proceedings, as well as to provide information about it to the financial monitoring institution,” he said.

The meeting participants also stressed the significance of the change, which will be introduced to the law "On the Central Bank", which is made with a view to ensure a more targeted and efficient use of the Central Bank's profits.

In accordance with the current legislation, after the formation of reserve capital and the confirmation of the annual financial report of the Central Bank by the auditor's report, the remaining balance of the realized profit is transferred to the state budget.

It was proposed to add after the word "budget”, to “targeted budget fund” , established in accordance with the Law of Azerbaijan “On Budget System”, on the basis of a request of the relevant executive authority and in coordination with the relevant executive authority to ensure the fulfillment of debt obligations on the state guarantee.

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Amina Nazarli is AzerNews’ staff journalist, follow her on Twitter: @amina_nazarli

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