BAKU, Azerbaijan, October 31. Azerbaijan considers amendments to law to strengthen control over currency operations, Trend reports citing Azerbaijani Parliament (Milli Majlis).
This issue was reflected in the amendments to the draft law of the Republic of Azerbaijan "On currency regulation", discussed today at the meeting of the Azerbaijani Parliament’s (Milli Majlis) Committee on Economic Policy, Industry, and Entrepreneurship.
The draft law said that the processes taking place in the world economy in recent years make it necessary to apply new effective mechanisms of control over currency operations. Its designed to improve the effectiveness of the Central Bank as a body of currency control over currency operations and establishes the legal basis for the formation and use of a unified information system on currency operations carried out by residents and non-residents, including currency exchange transactions.
In accordance with article 16 of the law of the Republic of Azerbaijan "On currency regulation" currency control bodies are empowered to adopt normative acts which are obligatory for residents and non-residents, to control fulfillment of the legislation on currency operations by residents and non-residents and also acts of currency control bodies, to control currency operations, to define forms and rules for reporting and documentation of these operations.
The creation of a unified information system on currency operations will make it possible to more effectively exercise this competence of the currency control authority. The unified information system will collect information on currency transactions of residents and non-residents. Banks and persons licensed to carry out currency transactions will enter information on their currency transactions into this system and use this system for currency control purposes.
According to the draft law, in order to ensure control over currency transactions in accordance with the law, access to the information collected in the information system can be carried out without the consent of residents and non-residents.
Amendments to the law were recommended for consideration at the plenary session of the Azerbaijani Parliament (Milli Majlis).