Financial monitoring service to quarterly report to Azerbaijani president
Azerbaijan, Baku, July 17 / Trend , I.Khalilova/
Azerbaijani President Ilham Aliyev decreed to approve provisions of the Financial Monitoring Service of the Central Bank, which is provided by the law "on combating the laundering of criminal funds and property and the financing of terrorism."
Financial Monitoring Service will be located in Baku and have an independent balance. Director of the service and his deputy will be appointed and dismissed by the country's president. Head of the service should quarterly report to the Azerbaijani president on the activities of financial monitoring.
The service's structure, staffing and costs are approved by the chairman of the Central Bank. The service aims to determine the list of countries, whose identified data do not require disclosure in financial operations, the countries, likely participating in financing terrorism, illegal turnover of narcotics and psychotropic substances, supporting the transnational organized crime, including armed separatism, extremism.
The service should organize a centralized electronic information system to collect data, registration of enterprises and individuals, on whom the financial monitoring service has information about participation in the legalization of money and property acquired by criminal means and the financing of terrorism.
The law states that references on transactions causing doubt will be submitted to the service regardless of the limit and a clear gradation of operation.
The service will monitor credit institutions, insurance and reinsurance organizations, professional participants of securities market, leasing services of credit institutions, money transfers through post offices and other organizations, pawnshops, investment funds, transactions with precious metals and stones, and buying products from them and non-governmental and religious organizations, organizers of lotteries, providing services to the sale of real estate people (realtors) as well as lawyers, accountants, real estate transactions, client money, securities and property, client bank and deposit accounts.
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