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MONEYVAL publishes its second report on Azerbaijan

14 January 2009 17:19 (UTC +04:00)

According to APA correspondent in Europe, the report analyses the implementation of international and European standards to combat money laundering and terrorist financing, assesses levels of compliance with the Financial Action Task Force (FATF) 40+9 Recommendations and includes a recommended Action Plan to improve the Azerbaijan anti-money laundering and combating the financing of terrorism (AML/CFT) system. â€œThere is still no comprehensive AML/CFT legislation in place in Azerbaijan, and no Financial Intelligence Unit which meets international standards. Some preventive measures have been taken to reduce the risks inherent in the lack of a preventive law. However the steps which have been taken (mainly by the National Bank and the State Committee on Securities) are limited and fragmented and would not constitute a substitute for comprehensive AML/CFT legislation which meets international standardsâ€, reads the report. The document also says that the Azerbaijani authorities should without further delay introduce a comprehensive AML/CFT law.