Combating Money Laundering and Terrorism Finance (AZ0053)
Overview
At-a-Glance
Action Plan: Azerbaijan Action Plan 2020-2022
Action Plan Cycle: 2020
Status:
Institutions
Lead Institution: NA
Support Institution(s): NA
Policy Areas
Anti-Corruption and Integrity, Anti-Corruption Institutions, Beneficial Ownership, Legislation, Private Sector, Regulation, Security & Public SafetyIRM Review
IRM Report: Azerbaijan Special Report 2020-2022
Early Results:
Design i
Verifiable: Pending IRM Review
Relevant to OGP Values: No Data
Ambition (see definition): Low
Implementation i
Completion: Pending IRM Review
Description
-Improving legislation and establishment of a mechanism for coordination to ensure the periodic risk assessment (hereinafter Risk Assessment) of the systems for combating money laundering and terrorism financing
-Determining the methodology required for risk assessment
-Submitting of statistical and other information necessary for risk assessment to financial monitoring body and its summarising
-Conducting of annual sectoral risk assessments in respect of subjects of monitoring and other persons monitored by regulatory authorities determined in accordance with the Law of the Republic of Azerbaijan “On combating legalization of criminally obtained money or other property and terrorism financing” and informing the financial monitoring body on results
-Conducting of annual risk assessments of the crimes conducive to money laundering by the relevant criminal investigation authorities in accordance with their investigative jurisdiction and informing the financial monitoring body on results
-Conducting, in accordance with the risk assessment methodology, of annual analysis for determination of the risks, trends and typologies of using transactions and operations with cash, securities, real estate, vehicles, legal entities, as well as import-export transactions for money laundering and terrorism financing
-Disclosing of risk assessment reports and informing the relevant state bodies, controlling bodies and other persons involved in monitoring, as defined by the Law of the Republic of Azerbaijan “On combating legalization of criminally obtained money or other property and terrorism financing” on those reports
-Implementing to the national legislation the relevant regulations stipulated in the international treaties ratified by Azerbaijan, inter alia those related to the identification of beneficial ownership
-Improving the cooperation with international organizations specialized in AML/CFT and developing action plan to ensure thorough preparation to the process of evaluation by relevant international organizations