International experts estimate the condition of money laundering on the securities market

Baku/17.02.14/Turan : On Monday, February 17, the State Securities Committee held a meeting with the evaluation mission of the Expert Committee on the Assessment of measures against money laundering and financing of terrorism (MONEYVAL).

In a press release after a meeting of the SSC noted that the purpose of the mission is to assess the sensitivity of the compliance with international standards of the financial system in Azerbaijan to the risks of money laundering , laundering and terrorist financing.

SSC chair Rufat Aslanli informed the delegation MONEYVAL that the agenda of reforming the system for combating money laundering and financing of terrorism in accordance with international standards " successfully implemented ." According to him , during this period of the last assessment mission in 2008 , Azerbaijan has an effective regulatory framework , increased institutional capacity, expanded international cooperation in this field.

Chapter assessment mission MONEYVAL John Baker noted that closely monitors the legal and institutional work in the fight against money laundering and terrorist financing. " Particular emphasis in the evaluation mission will be paid to the mechanisms of effective application of the system ," he said.

Note that , despite the low level of development of the securities market , in particular the corporate segment , where there are opaque operations , as well as the presence of a regulatory framework , government control structures (SSC , State Financial Monitoring Service ) never provided the public with information on suspicious transactions .

Under the law, any transaction in securities by the amount of which exceeds 20 000 manats , subject to the provision of the controlling structures. The bulk of transactions in corporate securities in Azerbaijan is carried out exchanges . Contrary to the requirements of legal acts about these transactions hidden from investors and other stakeholders. SCS does not respond to criticism of the press about this.

In 2013, Azerbaijan was concluded 4749 transactions with corporate securities ( stocks and bonds) totaling 1 billion 736.8 million manat. The market growth was 31 %. - 08D-