Baku, Azerbaijan, Feb. 3
President Ilham Aliyev has signed a decree on the establishment of a public legal entity- the financial market supervisory body - in Azerbaijan.
The financial market supervisory body will handle all the functions of Azerbaijani State Committee for Securities, State Insurance Supervision Service under the country's finance ministry, Financial Monitoring Service under the Central Bank of Azerbaijan.
All the property of the mentioned state structures will be transferred to the financial market supervisory body. The mentioned structures will be liquidated since the day when the financial market supervisory body's Charter enters force.
The decree states that the financial market supervisory body will be created for the purpose of licensing, regulating and controlling activities of the market of securities, investment funds, insurance and credit institutions (banks, non-bank credit institutions, postal operator) and payment systems.
The financial market supervisory body's creation also seeks the purpose of improving the control system in counteraction to legalization of money or other property received by criminal way and financing of terrorism, as well as to ensure transparency and flexibility of the control system in these areas.