Azerbaijan, Baku, Feb. 17 / Trend N.Ismayilova /
Azerbaijan plans to become a member of the Egmont Group in 2011, Head of the Financial Monitoring Service under the Central Bank of Azerbaijan (CBA) Adishirin Gasimov said today.
The Egmont Group of Financial Intelligence Units is an informal international gathering of financial intelligence units (FIUs). The Group was formed in 1995. FIUs are national centers to collect information on suspicious or unusual financial activity from the financial industry and other entities or professions required to report transactions suspicious of being money laundering or terrorism financing. The Egmont Group brings together about 60 countries.
"We have launched talks on joining the Egmont club since 2010 and we expect to become its member this year," he said.
Gasimov said the development of international cooperation is the priority for the Financial Monitoring Service and is provided in the strategy for 2010-2013.
Since 2002, Azerbaijan is a member of the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) and since 2009 - the Financial Action Task Force (FATF).
"The Financial Monitoring Service has developed international said cooperation with 30 countries that serve to boost the international image of Azerbaijan," Gasimov.
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.