Azerbaijan should step up investigations and prosecutions of money laundering and improve supervisory arrangements, says MONEYVAL

Om Sharma
By Om Sharma 2 Min Read

FEBRUARY 13, 2024

Council of Europe’s anti-money laundering body MONEYVAL urges Azerbaijani authorities to enhance efforts in combating money laundering, terrorism financing, and proliferation financing, focusing on preventive measures and supervision.”

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The recent assessment by MONEYVAL highlights Azerbaijan’s notable progress in enhancing its legal and institutional infrastructure to combat money laundering and terrorist financing since 2014. The report acknowledges the country’s substantial efforts in implementing measures aligned with Financial Action Task Force (FATF) standards. Notably, Azerbaijan has demonstrated a commendable level of effectiveness in countering terrorist financing, with successful investigations resulting in seven convictions during the evaluation period. Moreover, the country has shown strong international cooperation capabilities, receiving praise for its ability to provide and seek constructive assistance, reflecting its commitment to combating financial crimes on a global scale.

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Furthermore, MONEYVAL’s evaluation underscores Azerbaijan’s understanding of money laundering and terrorist financing risks, identifying domestic corruption, tax-related crimes, smuggling, and drug trafficking as primary predicate offenses. This recognition indicates a crucial awareness within Azerbaijani authorities regarding the key challenges and vulnerabilities within their financial system. By targeting these underlying offenses, Azerbaijan can effectively strengthen its anti-money laundering and counter-terrorism financing regime, ensuring greater resilience against illicit financial activities and contributing to global efforts to combat financial crime.

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