MONEYVAL confirms Azerbaijan’s progress in combating money laundering

Thu 06 Dec 2018 12:16 GMT | 16:16 Local Time

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The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism - MONEYVAL positively assessed Azerbaijan’s system for countering the financing of terrorism and laundering of criminally obtained money, Trend reports with reference to the Azerbaijani Financial Monitoring Service on Dec. 5.

Azerbaijan's report on the 4th round of combating the legalization of criminally obtained money or other property and the financing of terrorism was heard during the 57th plenary meeting of MONEYVAL.

According to discussions, during the 4th round, Azerbaijan successfully fulfilled the 40+9 Recommendations of FATF, including MONEYVAL's recommendations.

The reforms being carried out in the country in this area were appreciated. The success achieved in improvement of the legal framework and control mechanisms, as well as strengthening of institutional potential were particularly emphasized.

Thus, Azerbaijan’s system for combating the legalization of criminally obtained money and other property and the financing of terrorism was assessed as a system that fully meets the international standards.

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