The Minister of Economy of Azerbaijan and Egmont Discussed the Problem of Money Laundering

Azerbaijan's Economy Minister Mikayil Jabbarov held discussions with Jérôme Beaumont, Executive Secretary of the Egmont Group, a financial intelligence organization, during the COP29 conference.

The meeting focused on the strategic goals and financial monitoring principles of the Egmont Group, which facilitates cooperation between financial intelligence units (FIUs) worldwide. Jabbarov highlighted Azerbaijan's efforts to establish a robust financial monitoring system in line with international standards, emphasizing the importance of deepening ties with the Egmont Group.

Both sides exchanged views on promoting green economy initiatives, fiscal mechanisms for sustainable growth, and potential areas for expanding collaboration.

A partnership with the Egmont Group could provide Azerbaijan access to valuable cross-border financial intelligence, aiding in the fight against money laundering and financial crime. The cooperation is seen as a step towards enhancing Azerbaijan's financial monitoring framework and aligning it with global best practices, potentially increasing the country's capacity to detect and prevent illicit financial activities.

The Egmont Group’s role in sharing best practices on anti-money laundering (AML) and counter-terrorism financing (CTF) was highlighted as a key benefit, offering Azerbaijan insights into the latest trends and strategies in combating financial crimes.

Membership in the Egmont Group is expected to bolster Azerbaijan’s position within the global FIU network, fostering trust and collaboration with international partners. It also offers opportunities for training and development, which could enhance the country’s analytical and technical capabilities.

This cooperation could support Azerbaijan's broader economic transition towards sustainability, integrating climate finance considerations into its policy framework, and aligning with global anti-corruption initiatives.

According to the latest data from Transparency International, Azerbaijan ranks 154th out of 180 countries in the corruption perception ranking.