Council of Europe to Exclude Azerbaijan from Reporting Regime for Money Laundering and Terrorist Financing

The report of the Azerbaijani government with the evaluation of measures to combat money laundering and financing of terrorism (MONEYVAL) has been confirmed.

According to the State Committee for Securities (SCS), the expert committee of the Council of Europe on the basis of the document agreed to remove the country from the current reporting regime no later than 2017. The local delegation was headed by Chairman of the State Committee for Securities Rufat Aslanli.

Recall the latest report (April 2015) called on the government to intensify and improve the methods of combating money-laundering, as well as additional measures of freedom of CBA Financial Monitoring Service from any undue influence or interference. After that (in November), the President ordered to amend the legislation concerning the empowerment of the Service, allowing it to freeze the assets of persons suspected of money laundering and terrorist financing.

Azerbaijan has been represented in MONEYVAL since January 2002. --- 17D-