Azerbaijani Financial Monitoring Service receives 7,844 data on suspicious transactions

Business Materials 10 January 2011 17:45 (UTC +04:00)

Azerbaijan, Baku, Jan. 10 / Trend N.Ismayilova /

The Financial Monitoring Service under the Central Bank of Azerbaijan (CBA) has received 1,870 appeals on suspicious transactions and 12,391 appeals for current operations in December, the service said.

In Nov. 2010, the figures hit 1,216 and 7, 659 respectively. As of Jan. 2010, the service received only five appeals on suspicious transactions and 343 on current, while as of 2009, it received three and 231, respectively.

In total, for 2009-2010, the service received 7,844 data on suspicious transactions, 43,905 on the current account and in total 51,749 data. Thus, data on suspicious transactions accounted for 15 percent of the total volume of received data and current around 85 percent.

The number of appeals sent in 2009-2010 to law enforcement agencies on money laundering and terrorist financing, hit 13. About 12 fall to the information on terrorist financing.

The Financial Monitoring Service must organize a centralized e-information system to collect data and register legal and physical entities. The service has information about their participation in legalizing money and property earned via criminal activity and terrorist financing.

The following will be monitored through the service: credit organizations, insurance and reinsurance companies, professional securities market participants, credit institution leasing services, post office money transfers, pawnshops, investment funds, transactions with precious metals and stones, non-governmental and religious organizations, lottery organizers, and lawyers, accountants, real estate transactions, client money, securities and property, client banking and deposit accounts.

The Financial Monitoring Service was established in accordance with President Ilham Aliyev's decree on Feb. 23, 2009.