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Azerbaijan to act as evaluating country at MONEYVAL meeting for second time

Business Materials 17 February 2011 14:59 (UTC +04:00)

Azerbaijan, Baku, Feb.17/ Trend N. Ismayilova /

In May, Azerbaijan will act as an evaluating country of the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and Terrorism Financing (MONEYVAL) in evaluating Lithuania on the standards of Financial Action Task Force on Money Laundering (FATF), Adishirin Gasimov, the head of the Financial Monitoring Service under the Central Bank of Azerbaijan said on Thursday.

"According to the procedures set by MONEYVAL, the evaluation will be attended by four countries, one of which is Azerbaijan," he said.

Measures taken by Azerbaijan in the development of Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) were highly assessed at the regular plenary session of FATF in June 2010. As a result, Azerbaijan was excluded from the list of FATF in October.

Azerbaijan acted as evaluating country last year. The country analyzed reports on the second progress of Moldova on the sphere of AML / CFT and the Azerbaijani side jointly with the MONEYVAL Secretariat made reviews at the 34th plenary meeting of the committee on Dec.7-10. Azerbaijan's reviews were welcomed by the secretariat MONEYVAL.

The Financial Action Task Force against money laundering is an intergovernmental organization created to develop and implement collective measures to combat money-laundering and terrorist financing. The FATF was established in accordance with a decision by the G-7 Summit in Paris in 1989. Currently, the FATF has 34 members and it developed 40 recommendations to combat money laundering in 1990. These were revised in 1996 and 2003 taking into account developing laundering technologies. Nine special recommendations on terrorist financing in 2001 were adapted to the political situation in the world in October 2004. These documents are recognized as international standards for combating money laundering and terrorist financing.

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