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Financial sanctions in Azerbaijan to toughen once Competition Code accepted

Economy Materials 31 January 2023 13:48 (UTC +04:00)
Financial sanctions in Azerbaijan to toughen once Competition Code accepted
Kamran Gasimov
Kamran Gasimov
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BAKU, Azerbaijan, January 31. Following the adoption of the Competition Code, the financial sanctions and fines imposed in connection with violations will become more serious, said the Head of Azerbaijan's State Service for Antimonopoly Control and Supervision of the Consumer Market under the Ministry of Economy Mammad Abbasbeyli, Trend reports.

He noted that the purpose of imposing financial sanctions is not to attract funds to the state budget.

"This step is aimed at preventing the violation of the law in the future. A business entity is more likely to commit the offense again if the fine levied against it does not exceed the profit received as a result of the violation of the law. The main purpose of the sanctions is to prevent these cases in the future," he said.

Abbasbeyli added that the document is currently under consideration by the Presidential Administration and is expected to be submitted to Azerbaijan's Milli Majlis (Parliament) in the near future.

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