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Azerbaijan’s FIU learns about EU member state experience on ultimate beneficial ownership register

Videoconference 4 June 2021
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Azerbaijan’s FIU learns about EU member state experience on ultimate beneficial ownership register

The Project focusing on anti-money laundering and asset recovery actions in Azerbaijan continues to support national authorities in their efforts geared to enhancing beneficial ownership transparency in the country. Previous support provided included an extensive analysis of the relevant legislation aiming to improve the national beneficial ownership disclosure framework, and a series of consultative meetings.

On 4 June 2021, with a view to showcase best international practices, 8 representatives of the Azerbaijani Financial Intelligence Unit (Financial Monitoring Service) were introduced to the process of development, implementation and management of the Ultimate Beneficial Ownership (UBO) Register in one of the EU Member States.

Necessary data and information technologies, availability of access ensuring balance between privacy and transparency, supervision, quality and quantity control mechanisms, application of sanctions were key elements presented during the meeting. Furthermore, a live demonstration of the UBO register took place which allowed to visually experience and obtain a better understanding of the available features and functionalities of the register.

This exposure provided an opportunity for national authorities to build a clearer vision of the process of development and management of a UBO register and to improve their own beneficial ownership system, taking into consideration the country’s legislative, policy and institutional frameworks already in place.

This activity was organised within the framework of the EU/CoE Partnership for Good Governance II Project on “Strengthening anti-money laundering and asset recovery in Azerbaijan” (PGG II-AZ) which is funded jointly by the European Union and the Council of Europe and implemented by the Council of Europe.