MONEYVAL to hold fourth round of Azerbaijan’s assessment in 2013
Azerbaijan , Baku, March 3 / Trend, N. Ismayilova /
The fourth round of Latvia's assessment in the sphere of combating money laundering and financing terrorism will be held on May 9-14, the Financial Monitoring Service under the Central Bank of Azerbaijan said. Azerbaijan is taking part in the assessment.
"Azerbaijan acts as the appraiser of the legal and institutional aspects of combating money laundering and financing terrorism. Three experts from MONEYVAL member countries and one expert from FATF member countries are taking part in the assessment of the national system," the Financial Monitoring Service said.
MONEYVAL started holding the fourth round of assessments of the national systems of its member countries in 2010.
Slovenia and Hungary have already completed these procedures.
Azerbaijan 's assessment is included in MONEYVAL's working plan for 2013. This assessment covers the effectiveness of the system and the practical application of legislation in the sphere of combating money laundering and financing terrorism.
The Financial Monitoring Service was established in accordance with President Ilham Aliyev's decree dated Feb. 23, 2009.
The monitoring will cover credit institutions, insurance and reinsurance organizations, the professional securities market, the leasing services of credit institutions, money transfers through post offices and other organizations, pawn shops, investment funds, transactions with precious metals and stones and purchase products, non-governmental and religious organizations, lotteries, and providing real estate services.