Azernews.Az

BAKU – A regional conference focusing on ways of fighting money laundering and terror financing began in Baku on Thursday.

Head of the Central Bank’s financial monitoring body, Adishirin Gasymov, said in his remarks that the first regional conference on anti-money laundering efforts being held in Baku could be seen as Azerbaijan’s focusing its attention on the issue. He noted that these efforts are one of the key goals outlined in the country’s strategy aiming to increase financial transparency and combat corruption.

Azerbaijan joined international calls to fight legalization of illegally acquired money and financing of terrorism in 2000 and has been represented in the Council of Europe’s MONEYVAL group assessing anti-money laundering measures since 2002. Azerbaijan’s Financial Monitoring Service began operating in 2009.

Gasymov said that along with jeopardizing financial systems, money laundering threatens such fundamental values as democracy, the rule of law and human rights, which necessitates addressing this problem on an international scale.

MP Ali Huseynli, a member of the Commission to Fight Corruption under the President, said that organized crime aiming to make money illegally also facilitates corrupt practices. Therefore, Azerbaijan, which is stepping up its anti-corruption measures, has always been among the frontrunners in the combat against legalization of laundered money, he added.

Bilge Cankorel, head of the OSCE Office in Baku, said the European security body was content with Azerbaijan’s policy of countering money laundering.

He said that considerable progress has lately been achieved in fighting money laundering and terrorism financing in CIS countries, including Azerbaijan. However, related risks remain, as corrupt elements, terrorists and organized crime groups continue to take advantage of the existing gaps, Cankorel said, suggesting that financial intelligence bodies in a number of countries cooperate, including by exchanging experience in this area.

Jonathan Conly, U.S. Agency for International Development (USAID) Caucasus Regional Mission Director, said that in order to combat money laundering more effectively, a regional network should be created, adding that the Baku conference could facilitate the solution of this issue.

John Ringguth, Executive Secretary to MONEYVAL, said his organization was closely following Azerbaijan’s efforts to combat money laundering.

"Azerbaijan has indeed accomplished a great deal in this area. We hope that Azerbaijan’s fight against money laundering will become a part of its anti-corruption efforts," Ringguth said.

The two-day conference being held in Baku is attended by officials of 20 countries’ financial monitoring bodies.