Moneyval decides not to include Azerbaijan in special monitoring regime

Moneyval decides not to include Azerbaijan in special monitoring regime

Azerbaijan, Baku, Oct. 5 / Trend A. Akhundov /

The Moneyval expert group decided not to include Azerbaijan in a special monitoring regime at at the 33-rd plenary meeting from September 27-October 1, the Azerbaijani Financial Monitoring Service under the Central Bank said.

The leadership of the Azerbaijani Financial Monitoring Service also took part in this meeting. Over 30 issues, including the involvement of some countries to a "special monitoring regime" were discussed at the plenary session.

The Azerbaijani delegation made presentations on the latest developments of Azerbaijan in PL / TMM, including in the areas of improving legislation, institutional development, monitoring of the relevant legislation implemented by participants.

Azerbaijani representatives held official discussions with members of Moneyval bureau during the meeting.

"As a result, a decision was made not to include Azerbaijan in a special monitoring regime at the plenary meeting, the report said. Moneyval Secretariat proposed to adopt a model of development of legal systems in PL / TMM as a model for other countries.

According to another decision taken following the meeting, Azerbaijan was appointed the evaluating country to report on progress in PL / TMM for Moldova.

A report on the FATF / ICRG mission's visit to Azerbaijan was discussed at the meeting on September 7-8. The report was submitted to the head of the mission and head of MONEYVAL Secretariat.

Following the discussions, the report was positively evaluated. A decision was made to submit it to the ICRG.

According to existing procedures, the report of the country must be discussed by a subgroup of ICRG to remove Azerbaijan from the FATF list of countries, requiring "special attention".

Afterwards, a proposal must be submitted at the FATF plenary meeting.

The next meetings of ICRG and FATF will be held October 18-22, 2010.

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.

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