MoneyVal

MONEYVAL suggests that Azerbaijan should enhance inquiries and legal actions regarding money laundering while enhancing regulatory frameworks.

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In the latest publication released today, the Council of Europe’s anti-money laundering entity MONEYVAL urges Azerbaijani authorities to bolster efforts in countering money laundering (ML), terrorism financing (TF), and proliferation financing, particularly in the domains of precautionary measures and oversight.

The report offers a thorough evaluation of the nation’s adherence to the standards outlined by the Financial Action Task Force (FATF). Since MONEYVAL’s previous assessment in 2014, Azerbaijan has undertaken numerous measures to fortify its legal and institutional framework to combat money laundering, and terrorism financing (AML/CFT), and has initiated the establishment of an effective AML/CTF system.

MONEYVAL observes that Azerbaijan has attained a significant level of efficiency in combating terrorist financing, and the authorities have demonstrated their capability to effectively investigate TF crimes (seven convictions were secured during the evaluation period). Similarly, Azerbaijan has achieved a considerable level of effectiveness in international collaboration and has been praised for its authorities’ capacity to provide and seek constructive assistance. MONEYVAL’s assessment report on Azerbaijan highlights that the nation exhibits a sound understanding of ML/TF risks, identifying domestic corruption, tax-related offenses, smuggling, and drug trafficking as the primary ML predicate offenses.

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