Azerbaijan, Baku, October 23 /Trend corr. A.Akhundov/
The countries with developed banking systems including Azerbaijan have to pay attention to the issues of anti-money laundering and combating the financing of terrorism.
This was stated by the USAID (United States Agency for International Development) Mission Director in Azerbaijan Michael Greene.
Presentation of an e-learning system newly developed by the Financial Monitoring Service (FMS) of the Central Bank of Azerbaijan was held on Tuesday.
"Azerbaijan has a strong banking system. We place a high value to the activities of the Central Bank. However, Azerbaijan has to take measures in this field, as the criminals will attempt to legalise their money no matter how effective the banking and financial system is," Greene added.
He said the programme is designed mostly for representatives of the banking sector, but could also be used by others.
"The country legislation in the PY/TMM field is in good condition. The financial monitoring agency has been functioning since 2009 and the creation of such effective legislation with assistance of international experts is an achievement for Azerbaijan. I believe that the country's legislation is good, but there is always room for improvement," Greene noted.
Azerbaijan adopted a law on 'Anti-money laundering and combating financing of terrorism'.
The Financial Monitoring Service at Azerbaijani Central Bank was established according the decree of President Ilham Aliyev as of February 23 2009 within the recommendations of USAID Financial Action Task Force (FATF).
The service monitoring covers activities of credit, insurance and reinsurance organisations, professional participants of securities and market, investment funds, transactions with precious metals and stones, activities of non-governmental and religious organisations, organisers of lotteries, persons providing sale and purchase services of real estate property, as well as lawyers, accountants, real estate transactions, client funds, securities and property, client banking and deposit accounts.
Azerbaijan has been represented in the CE Committee of Experts on the Evaluation of Anti-Money Laundering and Financing of Terrorism (MONEYVAL) since 2002, following the country's full membership to the Council of Europe in January 2001.
