Azerbaijani President Ilham Aliyev has approved two decrees of the agreement the Financial Monitoring Service under the Central Bank with similar services in Russia and Macedonia against the legalization of proceeds from crime and the financing of terrorism.
In 2009 Azerbaijan adopted the law "On combating illegally obtained funds or other property legalization and financing of terrorism", and there is a corresponding decision of the Cabinet of Ministers, regulations and orders of the Ministry of Taxes, General Prosecutor's Office, and the State Customs Committee. On an international scale there are a number of documents, including two Strasbourg Conventions of the Council of Europe (1999) - on civil and criminal liability for corruption, the Warsaw Convention 2005 on Laundering, Search, Seizure and Confiscation of the Proceeds from Crime and on the Financing Terrorism and others.
However, despite this, the international research recorded multi-billion USD transfers of illegally obtained funds from Azerbaijan to offshore zones. -0—
Economics
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In Baku, grappling with growing environmental challenges, experts and policymakers convened on Friday for an international scientific conference titled “Sustainable Environment: Transition to Green Energy.” The event highlighted the urgent need for innovative strategies to combat pollution and advance renewable energy initiatives.
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Kazakhstan is set to increase its oil transit through the Baku-Tbilisi-Ceyhan (BTC) pipeline by 5.1% in 2024, reflecting growing regional cooperation and diversification in energy routes. According to figures obtained by Turan News Agency, the total volume of Kazakh oil transiting through the BTC pipeline is projected to exceed 1.464 million tons, up from 1.392 million tons in 2023.
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In a groundbreaking development for Azerbaijan’s energy sector, GL Group, a prominent Azerbaijani oil company, has announced plans to drill the country’s first horizontal well on land, reaching a depth of 4,400 meters with a lateral section of approximately 400 meters. The project, a milestone in the region’s oil exploration history, is set to take place at the Kirsangi-Garabaghly onshore fields.
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The Central Bank of Azerbaijan (CBA) forecasts an annual inflation rate of 5.1% by the end of 2024, comfortably within the target range of 4% ± 2%. However, recent data indicate that inflationary pressure has significantly eased over the year: in October, the inflation rate stood at 3.4%, slightly down from 3.5% in September. Official data for November have not yet been released, leaving room for speculation about possible year-end adjustments.
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