The supervision of the Central Bank of Azerbaijan will extend not only to individual financial institutions but also to the financial groups to which they belong, APA reports.
This is reflected in a proposed amendment to the Law "On the Central Bank of the Republic of Azerbaijan," which will be submitted for discussion at the Milli Majlis session scheduled for October 16.
According to the draft, Article 48-1 (Prevention of the legalization of criminally obtained property and the financing of terrorism) is proposed to be revised.
The draft was prepared in accordance with Recommendations 26 and 27 of the Financial Action Task Force (FATF), based on the fifth-round evaluation report of Azerbaijan's anti-money laundering and counter-terrorist financing (AML/CFT) system by the Council of Europe's Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL).
According to the draft, the Central Bank's supervision will extend not only to individual financial institutions but also to the financial groups to which they belong. Consolidated supervision, meaning supervision covering the entire group, will be carried out over financial groups that include banks, domestic and foreign insurers engaged in life savings insurance activities, reinsurers and insurance intermediaries, investment companies, investment funds and their managers, as well as representative offices of foreign investment funds.
The draft law was put to a vote and adopted in the third reading.
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