Azerbaijan Parliament Approves Initial Variant of Bill on Prevention of Financial Terrorism
Azerbaijan, Baku, 5 June / Trend corr. I.Alizade / The Parliament of Azerbaijani approved the Bill, which envisages prohibiting legalization of financial funds and other property gained illegally and terrorism financing.
"The Bill will prevent legalization of money and property acquired illegally and creation of a legal mechanism to reveal and prevent financing of terrorism," Ali Huseynov, Chairman of the Standing Parliamentary Commission on Legal Policy and State Building, stated at the meeting of Parliament on 13 June.
The meeting of Parliament on 13 June focused on Bill "to prevent legalization of money and other property acquired illegally, as well as finance of terrorism"
According to Huseynov, adoption of such a Bill is one of the obligations assumed by Azerbaijan before the Council of Europe and other international organizations. " Azerbaijan assumed the obligation before the European Union and other international organizations to create a transparency in the country's affairs. At the same time, adoption of such a Bill was envisaged in the State Program of Azerbaijan to struggle against the corruption," Huseynov said.
Huseynov said that Azerbaijan delayed the Bill, but the Council of Europe Committee of Ministers urged the country to carry out its obligations as soon as possible.
Under the Bill, a Monitoring Group, to prevent money exchange and other property acquired illegally, as well as financing of terrorism, will be established.
Bill was adopted in the first reading of the Parliament on 13 June.
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