Expert on Financial Control House

The practice of functioning of the public legal entity - the Financial Control House also exists in other countries. However, the form in which it is created in Azerbaijan (from the functional, organizational and legal points of view) is questionable. This was written by the economist Gubad Ibadoglu on his Facebook page, commenting on the presidential decree on the establishment of the House.

In his view, these bodies act as non-profit organizations. To ensure the effectiveness of the House it is required to make changes in many laws.

The House aims to establish a register of payment systems and operators in the first place, participants of the securities market, investment funds, insurance companies and credit institutions and postal services, to engage in licensing and controlling their activities.

In turn, the Assistant to the Head of State for Economic Reform issued a report that the House in its work will be guided by international experience.

Recall that the decree on the establishment of the House says that it is created for the licensing, regulation and supervision of the securities market activities, investment funds, insurance companies and credit institutions (banks, non-bank credit institutions and postal operators) and payment systems, including improvements in control system in the sphere of combating the legalization of money or other property received by criminal way and financing of terrorism, as well as to ensure the transparency and flexibility of the control system in these areas. -06D-