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Azerbaijani Parliament adopts draft law on combating the funding of terrorism in the second reading

31 October 2008 12:55 (UTC +04:00)

Baku. Elbrus Seyfullayevâ€“APA. Milli Majlis discussed the draft law on combating money laundering and funding of terrorism in the second reading. The draft was submitted by Chairman of Parliamentâ€™s Standing Commission of Legal Policy and State-building Ali Huseynov, APA reports. He said it directed toward the establishment of legal mechanism for identification and prevention of legalization of the criminal money and properties and funding of terrorism.
He said Finance Monitoring organization would be established after the adoption of the law. The organization will conduct monitoring over the financial operations. The Chairman of the Commission said resources above 20 thousand AZN would be involved in the operations and sources of the money would be investigated. Huseynov said Azerbaijan undertook commitments to the international organizations to adopt this law and most of the members of the Council of Europe adopted this law.
Lawmakers speaking about the draft law said that 20 thousand AZN was not enough and it needed to increase this figure.
After the discussions the draft law was adopted in the second reading.