11 February 2009, 08:00
Azerbaijan passes the law on fighting money-laundering and funding terrorism
On February 10, the National Assembly of Azerbaijan passed, in its third final reading, the Law "On Counteracting Legalization of Funds and Property Obtained in Criminal Way and Funding Terrorism". Adoption of this law was among Azerbaijani obligations before the Council of Europe.
The document is called to form the legal basis to the actions undertaken to reveal and prevent funding terrorism and laundering of "dirty money". One of the basic innovations is establishment of financial reconnaissance.
"This body won't be vested with inquiry powers; it will be in charge of gathering and analyzing the data about the financial assets, the legality of which raises doubts," said Ali Guseinov, head of the parliamentary commission for legal policy and issues of state construction.
The law assumes monitoring of financial flows that move through banks. In doing so, the state undertakes not to break bank and commercial secrets of the subjects, engaged in fair businesses.
The bodies of financial monitoring are vested with the right to make, as fast as two working days, particular decisions on doubtful operations aimed to launder "dirty money" and fund terrorism.
Author: Faik Medzhid Source: CK correspondent
Комментирование через Кавказский узел