Moneyval to Hold Second Appraisal of Azerbaijan’s Corresponding with FATF Standards
Azerbaijan, Baku, 10 April / Trend corr I. Khalilova/ The mission of Moneyval (Committee of Experts on the Evaluation of Anti-Money Laundering Measures) will arrive in Baku at the end of April to make second estimate of Azerbaijan's corresponding with FATF (Financial Action Task Force) standards, Rufat Aslanli, the head of interdepartmental working group on fighting against money laundering and Deputy Chairman of the Board of National Bank of Azerbaijan, said on 8 April.
The joint mission of the Council of Europe and Moneyal visited Baku at the beginning of the year to discuss the plans of Azerbaijani government and to prepare for the second round of assessment. During the meeting, the joint estimate of the current situation was presented and the Moneyval delegation presented its vision of Azerbaijani Government's further steps.
The Council of Europe, as well as Moneyval, is a multi-sided tool aiming at revealing and removal of problems for introduction of international standards on money laundering and financing of terrorism. Therefore, the discussions are carried out in a bilateral format.
In May 2003, the first round of Azerbaijan assessment took place. Azerbaijan was referred with the category meeting the standards of FATF countries. After that the standards were supplemented with new standards on counteraction to financing of terrorism.
Moneyval's key requirement is passing a Bill on
Counteraction to Money Laundering and Financing of Terrorism which is expected
to be passed at the Parliament this year. After that, the financial monitoring
structure will be established.
The correspondent can be contacted at: [email protected]