BAKU, Azerbaijan, February 13. The Cabinet of Ministers of Azerbaijan has approved the "Rules for suspending the movement of foreign exchange resources and national currency during their cross-border transportation", Trend reports.
The Prime Minister of Azerbaijan Ali Asadov signed a new decision in this regard.
According to the decision, the rules were developed in accordance with the law "On combating money laundering, obtained by criminal means, and terrorism financing" and define the procedure and accompanying indicators for halting the movement of assets in foreign currency and national currency during cross-border transportation of currency assets by individuals and legal entities.
These regulations apply when importing national money into the country's customs territory, exporting it from that area, and transiting it.
Customs authorities are required to provide information and documents about the source and intended use of currency assets and national currency during cross-border transportation in the event that they are discovered to be undeclared or incorrectly declared within the framework of the currency declaration regime as defined by legislation. This includes filling out the "Form for providing information on the source and purpose of using currency assets and national currency," which is connected to these guidelines.
When monetary assets and national currency are not or incorrectly declared, customs authorities ascertain their source and purpose of use.
Furthermore, the authorities develop a protocol in line with Article 99 of the Customs Code to suspend the movement of financial resources and national currency within 48 hours under the following conditions, based on a reasoned decision by the head of the customs authority:
- in circumstances of non-declaration or inaccurate declaration of currency assets and national money, except those confiscated as physical evidence during administrative or criminal investigations.
Upon discovering evidence of money laundering gained by illicit means, terrorism financing, or other crimes.
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