Azerbaijan tightens banking operations on foreign financial sources
Banking operations on foreign financial sources have been put under the microscope in Azerbaijan, Azernews reports.
This issue is reflected in the amendments to the laws "On non-governmental organizations (public associations and foundations)" and "On combating the legalization of property obtained by crime and the financing of terrorism" approved by President of Azerbaijan Ilham Aliyev.
According to the amendment, banking functionalities and ancillary operations are precluded from execution under a contractual framework for service provision or work performance, particularly when financed by unregistered foreign financial entities.
Engaging in service delivery or executing tasks under an unregistered agreement for service provision or task execution funded by external financial resources, or acquiring financial assets and/or other material resources in relation to this, will result in corresponding administrative accountability.
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