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President of the Republic of Azerbaijan Ilham Aliyev has signed decree No. 1080-VIQD dated December 26, 2023, on amendments to some laws of the Republic of Azerbaijan in connection with the implementation of the laws of the Republic of Azerbaijan "On Combating Legalization of Criminally Acquired Property and Financing of Terrorism" and "On Targeted Financial Sanctions" and amendments to some decrees in this regard, Azernews reports.

According to the Decree, the powers of the relevant executive authority stipulated in the fourth part of Article 40 of the Law of the Republic of Azerbaijan, "On Notariate," shall be implemented by the President of the Republic of Azerbaijan.

In the fourth part of Article 40 of this Law, "body (institution)" means the State Security Service of the Republic of Azerbaijan.

The powers of the relevant executive authority provided in the second sentence of the third paragraph of Article 37.1 of the Law of the Republic of Azerbaijan, "On Banks," are implemented by the President of the Republic of Azerbaijan.

The second sentence of the third paragraph of Article 37.1 of the Law "On Banks" means the State Security Service of the Azerbaijan Republic.

The Cabinet of Ministers of the Republic of Azerbaijan is entrusted to solve the issues arising from the Law of the Republic of Azerbaijan No. 1080-VIQD of December 26, 2023, on amendments to certain laws of the Republic of Azerbaijan in connection with the implementation of the Laws of the Republic of Azerbaijan "On Combating Money Laundering and Financing of Terrorism" and "On Targeted Financial Sanctions.".

The following changes were made in the Decree of the President of the Azerbaijan Republic, "On application of the Law of the Azerbaijan Republic, "On Notary" No. 261 dated January 18, 2000 (Collection of Legislation of the Azerbaijan Republic, 2000, No. 1, Article 40 (Volume I):

In paragraph 3.1, after the word "of the law," the words "in part four of Article 40 and" were added.

At the end of paragraph 3.15, the semicolon has been replaced by a semicolon, and paragraph 3.16 has been added as follows:

"3.16. In Part 4 of Article 40 of this Law, "body (institution)" means the State Security Service of the Azerbaijan Republic.".

The following amendments were made to the Decree of the President of the Republic of Azerbaijan No. 42, "On application of the Law of the Republic of Azerbaijan "On Banks," dated March 26, 2004 (Collection of Legislation of the Republic of Azerbaijan, 2004, No. 3, Article 143 (Volume I):

In paragraphs 3.1–1, after the words "in Article 10.2.6," the words "in the second sentence of the third paragraph of Article 37.1" were added.

Paragraphs 3.1-2 are added to read as follows:

"3.1-2. In the second sentence of the third paragraph of Article 37.1 of this Law, "body (institution)" means the State Security Service of the Azerbaijan Republic".

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