Azerbaijan reduces list of countries on financial watchlist
Baku, Azerbaijan, Feb.1 / Trend N.Ismayilova /
The Financial Monitoring Service (FMS) of the Central Bank of Azerbaijan (CBA) has reduced its list of countries required to disclose identification data in financial operations, the Service told Trend on Wednesday.
The list of states includes those possibly participating in financing terror, illegal drug trafficking, transnational organized crime, armed separatism and extremism.
At present there are 19 countries on the list: Armenia, Afghanistan, Iran, Iraq, Congo, Democratic People's Republic of Korea, Cote d'Ivoire, Guatemala, Laos, Liberia, Montserrat, Myanmar, islands of Nauru, Niue, Somali, Sudan, Thailand, Uruguay, and Vietnam.
Earlier changes to the list were approved on March 2, 2010, cutting it from 46 to 33 countries. A number of countries which previously were on the list met commitments set by the FATF (Financial Action Task Force) and other international organizations, which led to them being removed from the list.
Observations and decisions made by the UN, Council of Europe, the OSCE, the OECD, IMF, FATF, MONEYVAL and other international organizations are taken into account in compiling the list.
Legislation requires the monitoring of financial and other operations with countries on the list and for any dealings to be reported to the FMS.