BAKU, Azerbaijan, February 16. The fifth round assessment report on Azerbaijan, prepared by the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) based on the Financial Action Task Force (FATF) standards, acknowledges the country's achievements, indicating international appreciation for its efforts in the relevant area, Trend reports.
The MONEYVAL report underscores that following the 4th round assessment process on Azerbaijan in 2014, the country has enacted various measures to enhance its legal and institutional framework in combating money laundering and terrorist financing, implementing an efficient system for the latter. Additionally, it highlights the effective evaluation of Azerbaijan's efforts in combating terrorism financing, with successful investigations by state structures leading to the sentencing of seven individuals for such crimes during the specified period.
The country has demonstrated notable effectiveness in international collaboration in this domain, earning commendation for its state bodies' capabilities to offer effective support to financial monitoring entities in other countries and facilitate prompt information exchange. Furthermore, it was highlighted that Azerbaijan possesses a robust legal foundation for the swift implementation of targeted financial sanctions in the battle against terrorism financing and the proliferation of weapons of mass destruction. MONEYVAL also provided a favorable evaluation of the assessment of non-profit organizations regarding terrorism financing risks.
The 5th round assessment report outlines several recommendations, covering areas like enhancing law enforcement and sanctions authority, fostering interagency collaboration, bolstering financial investigations, and fortifying measures for preventive risk mitigation. As part of the ensuing assessment procedures, Azerbaijan will provide a report to MONEYVAL detailing the implemented measures.
Established in 1997, where Azerbaijan has been a party since 2002, MONEYVAL's primary aim is to ensure that member states establish effective systems for combating money laundering and terrorist financing, with the organization producing assessment reports in this regard.
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