Azerbaijan reduces number of non-cooperative countries on counter money laundering list
Azerbaijan, Baku, Feb. 6 / Trend, I. Khalilova /
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, as well as list possible countries participating in the financing of terror, illegal drug trafficking, transnational organized crime, armed separatism and extremism, the Service told Trend on Wednesday.
"Montserrat and Uruguay were excluded from this list," the service said.
At present there are 17 countries on the FMS approved list: Armenia, Afghanistan, Iran, Iraq, Congo, Democratic People's Republic of Korea, Cote d'Ivoire, Guatemala, Laos, Liberia, Myanmar, islands of Nauru, Niue, Somalia, Sudan, Thailand 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 their removal 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 while compiling the list.
The legislation requires the monitoring of financial and other operations with countries on the list and for any dealings to be reported to the FMS.
The Financial Monitoring Service was established within FATF in accordance with President Ilham Aliyev's decree dated Feb. 23, 2009. Monitoring will cover credit institutions, insurance and reinsurance organizations, the professional securities market, 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 the provision of real estate services.