Azerbaijan, Baku, Feb. 10 / Trend , I.Khalilova /
Azerbaijan's position will be strengthened in the discussions of the Financial Action Group against Money Laundering (FATF) Organization for Economic Cooperation and Development. The discussions are scheduled for late February, Chairman of the State Securities Committee Rufat Aslanli said.
Aslanli said this at the third reading of the bill on combating the legalization of criminal funds and property and the financing of terrorism.
[Today the Parliament ratified the bill at the third reading]
"The bill will strengthen the country's position in FATF. FATF is the main international organization in this sphere," Aslanli said.
According to foreign experts, the money laundering cases are frequent in countries without the control mechanism. Some points of the bill must be reconsidered in order to bring it to international standards. The report on suspect operations, interstate money turnover, as well as financial and business-obligation must be reconsidered. The cooperation must be established with organizations on money laundering.
The government will create a financial intelligence agency next.
Azerbaijan became the first country to receive the assessment in accordance with new requirements Moneyval in 2003. They are a set of individual assessments of each standard of FATF on the basis of 40 + 8 (40 standards to counter dirty money, and eight - to counter financing of terrorism). However, each standard has a few paragraphs, a total of about 180 sub points.
Azerbaijan is largely consistent with the FATF standards and assessment. The assessment that Moneyval gave to the country was higher than the estimate of an interdepartmental expert group.
Azerbaijan was assigned to the category of states that mostly meet the standards of FATF. Since then, the standards are supplemented by a new standard on combating terrorist financing.
The second assessment mission was conducted in 2008, which was also described as constructive.
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