Illegal money transfers from Azerbaijan and back will be punished. Will it affect officials?

Baku/07.12.22/Turan: Persons involved in the illegal transfer of funds from Azerbaijan to foreign countries will be imprisoned for up to 5 years. This is reflected in the Law on Amendments to the Criminal Code, approved by President Ilham Aliyev.

Persons involved in the illegal transfer of funds from abroad to Azerbaijan will also be fined -  this is reflected in the President-approved law on amendments to the Code of Administrative Offenses.

At the same time, two new bills have been submitted to the Milli Majlis. These are draft laws “On Combating Money Laundering and Financing of Terrorism” and “On Targeted Financial Sanctions”.

According to the draft law "On counteracting the legalization of property obtained by criminal means and the financing of terrorism", information on clients making financial transactions in the amount of AZN 20,000 will be investigated.

What is the purpose of these laws? Will these laws also apply to officials and government officials who illegally transfer large funds from the country to offshore zones and foreign countries, and also buy real estate and real estate in these countries?

Bashir Suleymanli, the head of the Civil Rights Institute, talks about this in the “Difficult Question” program.

According to him, different goals can be pursued here.

“Firstly, these are the legitimate goals of the state - the prevention of illegal financial turnover and flows. Including the prevention of laundering of "dirty money", the export of corrupt funds from the country. Secondly, it is possible that this is a preventive measure taken by the state, in anticipation of large cash flows in connection with the implementation of the New Silk Road project and the  negative processes associated with it,” Suleymanli said. At the same time, he noted that selective application of laws is practiced in Azerbaijan.

“This is how the political will manifests itself. Therefore, the adoption of the above laws raises the question - in relation to whom they will be applied? Will they be applied selectively or not?” the expert asked.

In his opinion, the financial transactions in the amount of AZN 20,000 specified in the draft law “On counteracting the legalization of property obtained by criminal means and the financing of terrorism” are too insignificant (especially in conditions of inflation) to conduct investigations in this regard.

“This will create great inconvenience for investors and businessmen,” Suleymanli stressed. –0—