The Financial Monitoring Service (FMS) at the Central Bank of Azerbaijan in 2011-2013 received 829,501 data items on suspicious and current operations.
According to the annual report for the last year 52% of the submitted information concerned the operations of individuals, 48% - legal entities. By the end of 2012, the figures were 54% and 46%. The Service has information on operations carried out in 12 currencies, among which leads AZN (83.2% of the operations) followed by the United States Dollar - 14.7% and the euro - 1.6%, while other currencies account for 0.5%.
The report emphasizes the "dominance" (63% of the data) of major operations in the amount of from 20,000 to 100,000 manat. In the past year there was considered suspicious information on 603 operations (0.2% of all operations), totaling 113.9 million manat. Turnover on high-risk operations in the past year amounted to 230.1 million manat.
The Financial Monitoring Service was established in Azerbaijan in 2009 and is the central body in the fight against the financing of terrorism and laundering of "dirty money". --17D-
Economics
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Azerbaijan is poised to increase wheat imports for the 2024-2025 season following a significant drop in domestic wheat production this year. According to data from the State Statistics Committee, the country harvested 1.68 million tons of wheat in 2024, marking an 8.1% decline from the previous year. This downturn in output, combined with rising import volumes in recent months, indicates that Azerbaijan may lean more heavily on foreign suppliers to meet its wheat needs.
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Azerbaijan Railways CJSC (ADY) has announced the restructuring of its container transportation management in an effort to enhance the efficiency of transit cargo transportation. As part of this reorganization, ADY Express will merge with ADY Container starting on November 1, 2024. The consolidation is aimed at expanding the range of services offered in both container and carriage transportation.
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Azerbaijan has introduced a legal framework enabling the electronic state registration of legal entities with foreign investments, regardless of whether their founders are individuals or legal entities, according to the State Tax Service. The announcement was made by Samira Musayeva, Deputy Head of the State Tax Service, during a meeting of the "Entering Business" Working Group.
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The World Bank aims to deepen its involvement in Azerbaijan's economic development through a new partnership framework program, according to discussions between Azerbaijani officials and World Bank representatives. The proposed framework, which will cover the years 2025-2029, is designed to support the country’s transition to an innovative and less resource-dependent economy.
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