The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) has published its long-awaited assessment report on Azerbaijan, APA reports.
The report highlighted the work done in Azerbaijan over the past five years according to several criteria, the successes achieved, as well as various recommendations on future tasks in these areas.
The CoE Committee highly appreciated the Azerbaijan’s efforts towards the investigation of crimes related to the financing of terrorism.
MONEYVAL noted that Azerbaijan had achieved a substantial level of effectiveness for countering terrorist financing and that the authorities have demonstrated their ability to successfully investigate TF offences (seven convictions were secured during the reference period). "Similarly, in international cooperation, Azerbaijan achieved a substantial level of effectiveness and was commended for the authorities’ capacities to provide and seek constructive assistance,” the report said.
The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism - MONEYVAL is a permanent monitoring body of the Council of Europe entrusted with the task of assessing compliance with the principal international standards to counter money laundering and the financing of terrorism and the effectiveness of their implementation, as well as with the task of making recommendations to national authorities in respect of necessary improvements to their systems. Through a dynamic process of mutual evaluations, peer review and regular follow-up of its reports, MONEYVAL aims to improve the capacities of national authorities to fight money laundering and the financing of terrorism more effectively.