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MONEYVAL issues public statement on Azerbaijan

26 September 2009 08:11 (UTC +04:00)

Baku. Lachin Sultanova â€“ APA. The Council of Europe Committee of Experts on the Evaluation of Anti-Money Laundering measures and the Financing of Terrorism (MONEYVAL) issued a public statement under Step VI of MONEYVALâ€™s Compliance Enhancing Procedures in respect of Azerbaijan, APA reports quoting the Information Office of the Council of Europe in Baku. â€œMONEYVAL has been concerned since 2006 with deficiencies in the anti-money laundering and combating the financing of terrorism (AML/CFT) regime in Azerbaijan.

On 12 December 2008, at its 28th plenary meeting, and on 20 March 2009 Public Statements were issued by MONEYVAL under Step VI, which remain in effect. At its 30th plenary meeting in Strasbourg (21-24 September 2009), MONEYVAL welcomed the further progress that had been made with the adoption of additional measures to finalise the legal framework.

However, the new preventive AML/CFT structure is not, as yet, operational, but is anticipated to be so by December 2009. Azerbaijan will report back to MONEYVALâ€™s 31st plenary in December 2009 on progressâ€.