EBRD to consult Azerbaijani banks about combating money laundering

Business Materials 1 October 2012 18:21 (UTC +04:00)

Azerbaijan, Baku, Oct. 1 / Trend J. Nasibova /

The EBRD will organize a workshop on combating money laundering for Azerbaijani banks in Baku on Oct. 2-4, EBRD representative office in Azerbaijan told Trend.

The representatives of local banks, and experts invited by the bank from Great Britain will attend the workshop.

The Financial Action Task Force updated the recommendations on combating legalization of money and property obtained in a criminal way and combating the financing of terrorism. The recommendations in the new edition have been adopted at the next plenary meeting of the group, held from Feb. 15-17, 2012.

The standards were updated as a result of the joint cooperation with relevant state bodies, the private sector and civil society. This aims to further strengthen the global mechanisms of protection against existing and potential threats.

Azerbaijan has been represented in the Committee of Experts on the Evaluation of Anti-Money Laundering and Financing of Terrorism of the Council of Europe (MONEYVAL) since 2002.

MONEYVAL holds the fourth round of assessing the national systems of the member states within the organization. Azerbaijan's evaluation was included in the MONEYVAL work plan for 2013.

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.