Azerbaijan, Baku, Sept. 26 / Trend /
The Moneyval Expert Group of the Council of Europe (CE) expects that Azerbaijan will launch an agency of Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT), the CE official website reported.
"The new preventive agency - AML/CFT is not yet functioning, but it is expected to be launched by December 2009," the message said.
At this stage, the CE experts are concerned about shortcomings in the implementation of these measures, the report said.
Council of Europe expects that in two months, Azerbaijan will report on the work done as part of Moneyval at the 31st plenary meeting of the group.
Azerbaijan was the first country to be assessed at the late 2003 in line with the provisions of Moneyval. These provisions envisage a complex of separate assessments in line with the every FATF standard and principle of "40+ 8" (40 standards to fight money laundry and 8 - financing terrorism). Each of the standards has several paragraphs with a total number of 180 subparagraphs.