Azerbaijan Urged to Ramp Up Anti-Money Laundering Efforts, Council of Europe Reports

In a freshly released report, MONEYVAL, the Council of Europe's anti-money laundering body, has underscored the necessity for Azerbaijan to intensify its investigations and prosecutions concerning money laundering. The report accentuates the imperative for Azerbaijan authorities to enhance supervisory arrangements and fortify measures against money laundering (ML), financing of terrorism (TF), and proliferation financing.

Strengthening Preventive Measures and Supervision

Azerbaijan: Photo- Council of Europe

MONEYVAL's assessment, conducted to gauge compliance with Financial Action Task Force (FATF) standards, delineates Azerbaijan's strides since the last evaluation in 2014. The nation has enacted several measures to bolster its legal and institutional framework, signaling a commitment to combatting ML, TF, and establishing an effective AML/CTF system.

Positive Trends in Counter-Terrorist Financing and International Cooperation

Despite acknowledging Azerbaijan's strides in countering terrorist financing, evidenced by successful investigations leading to convictions, MONEYVAL stresses the importance of further action. Notably, Azerbaijan's substantial effectiveness in international cooperation garners commendation, reflecting the authorities' adeptness in providing and soliciting constructive assistance.

MONEYVAL's evaluation report underscores Azerbaijan's discernment of ML/TF risks, pinpointing domestic corruption, tax-related crimes, smuggling, and drug trafficking as primary ML predicate offenses. This comprehensive review serves as a catalyst for Azerbaijan to redouble its efforts in combating financial crimes, fostering transparency, and upholding international standards. Click <HERE> to read more.