FATF satisfied with Azerbaijani cooperation
Azerbaijan, Baku, September 8 / Trend N. Ismayilova /
Azerbaijani Central Bank chairman Elman Rustamov and a delegation from Financial Action Task Force (FATF) have discussed the achievements of Azerbaijan in the fight against money laundering and terrorist financing, as well as the removal of Azerbaijan from the list of countries requiring "special attention" in this area, the CBA said.
The FATF delegation visiting Baku expressed appreciation for the actions carried out by Azerbaijan in this matter and satisfaction with the relationship between the CBA and other relevant bodies, as well as hope that this will continue in the future.
Rustamov said that bilateral relations are developing successfully.
Officials involved in the meeting included FATF Executive Secretary Kevin Vandergrift, political adviser to the agency for financial crimes and terrorist financing under the U.S financial department Christopher Burdick, executive secretary of Moneyval John Ringuth, and the German Anti-Money Laundering federal financial control official Jens Ferhof.
The Financial Action Task Force against money laundering is an intergovernmental organization created to develop and implement collective measures to combat money-laundering and terrorist financing. The FATF was established in accordance with a decision by the G-7 Summit in Paris in 1989. Currently, the FATF has 34 members and it developed 40 recommendations to combat money laundering in 1990. These were revised in 1996 and 2003 taking into account developing laundering technologies. Nine special recommendations on terrorist financing in 2001 were adapted to the political situation in the world in October 2004. These documents are recognized as international standards for combating money laundering and terrorist financing.