Azerbaijan's Central Bank talks ceasing of MoneyGram's activity in Karabakh

Azerbaijan's Central Bank talks ceasing of MoneyGram's activity in Karabakh

Baku, Azerbaijan, April 7

By Zeyni Jafarov - Trend:

The Central Bank of Azerbaijan (CBA) always pays attention to the measures to combat illegal financial and banking operations within the consistent activity to ensure healthy financial intermediation together with the related structures, Trend reports on April 7 referring to the CBA.

The CBA noted that information about the facts of making payments through the MoneyGram transfer system, which illegally operated in the occupied territories of Azerbaijan till the second Armenia-Azerbaijan Nagorno-Karabakh War, has been recently spread on social networks.

The CBA said that the MoneyGram money transfer system during the certain periods illegally operated in the occupied territories of Azerbaijan. When this was revealed, adequate measures were taken to terminate its activity on the Azerbaijani territory in accordance with national legislation and international principles.

As a result, the activity of MoneyGram money transfer system on Azerbaijan's territory has been halted since 2008.

The CBA constantly monitored money transfer systems and imposed a ban on the activity of Unistream, MIGOM, LEADER, Bistraya Pochta, Interexpress, RIA Money Transfer, Intelexpress and Sigue Money Transfer not complying with the relevant requirements to ensure financial intermediation in the Azerbaijani territory within the national legislation.

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Follow the author on Twitter: @jafarov_zeyni

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