Azerbaijan, Baku, Nov. 12 / Trend N. Ismayilova /
Azerbaijani Chamber of Auditors jointly with the Financial Monitoring Service under the country's Central Bank held a workshop for audit companies on the topic "Obligations of audit companies, according to the Law "On combating the legalization of funds and other property obtained criminally and through funding of terrorism".
The Financial Monitoring Service head Togrul Musahev said the structure aims for a close cooperation with the Chamber of Auditors, which also envisages cooperation in the sphere of improving the legislative base.
"Much work has been done in cooperation of all state structures, which resulted in the exclusion of Azerbaijan from the FATF list of countries requiring "special attention", in connection with which the country's opportunities to hold reforms in this sphere even more widened," Musayev said.
Within the workshop instructional lines, prepared by the Chamber of Auditors, were discussed in order to organize control over fulfilling obligations by the auditors in accordance with the Law "On combating the legalization of funds and other property obtained criminally and through funding of terrorism".
The Financial Action Task Force (FATF) against Money Laundering decided to remove Azerbaijan from the list of countries requiring special attention at its plenary meeting held in Paris on Oct.18-22.
Azerbaijan presented progress made in implementing its plan in respect of FATF provisions in June at a FATF plenary meeting. As a result, the removal of Azerbaijan from the list was considered by the FATF. Of the 25 countries in the third group, Azerbaijan and Qatar were considered for removal from the list.
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.