Azerbaijan, Baku, Feb. 10/ Trend , I. Khalilova, J. Babayeva/
The Azerbaijani parliament passed Law on Preventing Legalization of Money and Property Obtained by Criminal Ways and Financing of Terrorism in the third reading on Feb. 10.
"The Law does not pose a threat for activities of entrepreneurs and businesses," head of the inter-ministerial working group on combating money laundry and chairman of the State Securities Committee Rufat Aslanli said.
He said the law will help the government take systematic measures.
Following last discussion on the law, amendments were made on suspicious deals. According to amendments, regardless of a limit and definite gradation of operations, financial monitoring bodies must submit information about them to financial intelligence bodies.
The monitoring will cover credit, insurance and re-insurance organizations, senior members of the securities market; leasing services of credit organizations; remittances via postal branches, activities of pawn-shops; investment funds; deals on precious metals and stones; non-governmental and religious organizations, organizers of raffles; realtors, lawyers, auditors, real estate transactions, funds of clients, securities and real estate and deposit accounts. A special state body will be launched to conduct monitoring.
According to legislation, financial intelligence body will be set up at Presidential Administration. In world practice, financial intelligence bodies are established at central banks, law enforcement agencies, prosecutor's agencies or as an independent body.
Head of the standing parliamentary commission on law policy and state-building Ali Huseynov said financial intelligence body does not mean a new law enforcement agency as it will exercise only control.
The sum of a deal which is covered by monitoring is 20,000 manat.
The law was designed and underwent international examination in May 2005. The law was reviewed by the U.S. Justice Department and the Council of Europe and also Azerbaijani State Commission on Combating Corruption.
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