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FATF stops monitoring regime on Money laundering and Financing of Terrorism in Azerbaijan

27 October 2010 11:37 (UTC +04:00)

According to chairman of State Committee for Securities Rufat Aslanli the discussion of report made by FATFâ€™s special mission on Azerbaijan was included the agenda of plenary meeting in Paris: â€œAzerbaijanâ€™s significant progress in the struggle sphere against the money laundering and financing of terrorism governmentâ€™s political will were taken into accounts and a decision on the stopping of monitoring regime was adopted during the discussions.â€

He also noted that FATF assessed the situation in the sphere of money laundering and financing of terrorism in the near 140 countries made a list of dangerous countries for financial system: â€œIran and Northern Korea were placed at the list. At the same time the organization determined the countries having definite void, but having special activity plan for elimination of these problems. FATF decided to hold monitoring of execution of activity plans in these countries.â€

According to him FATF decided to hold monitoring of money laundering and financing of terrorism in February, 2010.

Azerbaijani delegation submitted a report to FATF on measures about the meeting of activity on money laundering and financing of terrorism to European standards, meeting of legislation to international standards, forming of infrastructure on money laundering and financing of terrorism and extending of international cooperation in the same sphere. According to discussion of report FATF stopped the monitoring regime in Azerbaijan from October 22.

Stopping of monitoring regime means Azerbaijan redeems the international liabilities.

Note that The FATF has been in existence since 1989. In 2004, Ministry representatives from the 35 FATF members agreed to extend the mandate of the Task Force until 2012. This 8-year mandate demonstrates that members of the FATF remain united in their commitment to combat terrorism and international crime, and is a sign of their confidence in the FATF as an important instrument in that fight.