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MONEYVAL Urges Azerbaijan to Strengthen Anti-Money Laundering Measures for Improved Compliance and Security

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MONEYVAL Urges Azerbaijan to Intensify Anti-Money Laundering Efforts

Key Highlights:
– MONEYVAL, the Council of Europe’s anti-money laundering body, has called on Azerbaijan authorities to strengthen measures to combat money laundering, the financing of terrorism, and financing of proliferation.
– The report provides a comprehensive assessment of Azerbaijan’s compliance with standards set by the Financial Action Task Force (FATF).
– Since 2014, Azerbaijan has taken several actions to strengthen its legal and institutional framework to tackle money laundering and the financing of terrorism.

In a new report published today, MONEYVAL, the Council of Europe’s anti-money laundering body, has urged Azerbaijan authorities to intensify their efforts to combat money laundering, the financing of terrorism, and financing of proliferation. The report provides a comprehensive assessment of Azerbaijan’s level of compliance with standards set by the Financial Action Task Force (FATF).

Since MONEYVAL last evaluated Azerbaijan in 2014, the country has taken several actions to strengthen its legal and institutional framework to tackle money laundering and the financing of terrorism. The report notes that Azerbaijan has achieved a substantial level of effectiveness in countering terrorist financing, with authorities successfully securing seven convictions for TF offenses during the reference period.

Azerbaijan has also demonstrated a fair understanding of money laundering and terrorist financing risks, with domestic corruption, tax-related crimes, smuggling, and drug trafficking identified as the main predicate offenses for money laundering.

In addition, the report commends Azerbaijan for its international cooperation, achieving a substantial level of effectiveness and demonstrating the authorities’ capacities to provide and seek constructive assistance.

The report’s findings highlight the progress made by Azerbaijan in strengthening its anti-money laundering and counter-terrorism financing measures. However, it also underscores the need for further improvements, particularly in the areas of preventive measures and supervision.

Overall, the report serves as a call to action for Azerbaijan authorities to intensify their efforts in combating money laundering, the financing of terrorism, and financing of proliferation, and to further strengthen their legal and institutional framework to effectively address these issues.

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