The compliance of Azerbaijan's financial legislation with international standards has been assessed at 90–95%, Chairman of the Board of the Financial Monitoring Service Zaur Fatizada said during his speech at the 12th Azerbaijan Microfinance Conference, APA-Economics reports.
According to him, significant results have been achieved in the development of the country's financial sector, as well as in strengthening domestic and international cooperation.
"As a result of these achievements, our country scored 91% in the international assessment, while the compliance of legislation with international standards was assessed at 90–95%," Z. Fatizada noted.
He stated that despite the results achieved, one of the main tasks ahead is to further improve the effectiveness of the implementation of existing mechanisms.
Z. Fatizada also emphasized the importance of maintaining a balance between financial inclusion and financial security.
According to him, alongside increasing access to financial services, requirements for combating money laundering and terrorist financing must also be taken into account.
The head of the Service added that, to this end, security risks in the sector must be properly identified, existing gaps in financial inclusion must be addressed, and cooperation among financial institutions must be strengthened.
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