Baku/16.10.18/Turan: For the return of funds illegally exported from Azerbaijan, they must be legalized by means of amnesty, otherwise, these funds may be confiscated, said the banking expert Akram Hasanov in an interview with the "Cətin sual" ("Difficult Question") program of the Turan agency.
The question of the fate of such funds was updated after a scandal with the arrest of assets and real estate in the UK by Jahangir Hajiyev, convicted ex-head of International Bank of Azerbaijan OJSC (IBA). Hasanov said that it is very difficult to name the approximate amount of funds illegally earned by Azerbaijani citizens and in which countries these finances were invested, due to lack of accounting and transparency.
"If we consider only the amounts withdrawn through the IBA, the talk will be about tens of billions. Perhaps the total amount exceeds 100 billion dollars," he said. As for the question where these funds are placed, it is clear that the main part is invested in Western countries, and part of the money invested in Russia, the UAE and Turkey, the expert said.
How is legalization of illegally acquired money possible? Hasanov said, it is necessary to adopt a special law which must guarantee the safety of any property after the declaration and registration. Naturally, with the payment of a certain tax to the state.
At the same time, the owner should not be asked a question about the origin of this property. All developed countries at one time went through this path. Otherwise, illegally transferred capital may be confiscated, or will serve the economy of the country. At the same time, the expert doubts that all funds will be returned to Azerbaijan. However, if there is a financial amnesty, then it is likely that a significant part of the funds will return to Azerbaijan. In this sense, the adoption of the law on the amnesty of capital will play a crucial role, Hasanov said. But along with this, it is necessary to carry out fundamental reforms of the regulatory framework, but the most important thing is to ensure the independence of the court. It must be remembered that the investor invests in those countries where three principles are observed - the inviolability of property, the execution of contracts, and healthy competition, Hasanov emphasized. - 03B06-
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