Amendments made to Law on Prevention of the Legalization of Criminally Obtained Funds or Other Property and the Financing of Terrorism

October 2018
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Amendments made to Law on Prevention of the Legalization of Criminally Obtained Funds or Other Property and the Financing of Terrorism. According to the new amendment of 17 October 2018, supervisory bodies will be responsible for assessing AML/CFT risks in relation to reporting entities/persons once a year. Furthermore, supervision will be carried out based on the risks identified.


Amendments to Code on Execution of Sentences set forth procedures for criminal-legal measures towards legal entities

October 2018
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Amendments to Code on Execution of Sentences set forth procedures for criminal-legal measures towards legal entities. With the amendment of 17 October 2018 to the Code on Execution of Sentences, procedures regulating the execution of criminal-legal measures in relation to legal entities have been clearly set and introduced to the Code. A new chapter was added to the Code defining the procedures for execution of the measures on confiscation and sanctions imposed on legal entities, as well as deprivation of rights to engage in certain activities and new the procedures for the liquidation of legal entities.


Rules adopted on obtaining information about shareholders of commercial legal entities and owners of securities

October 2018
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Rules adopted on obtaining information about shareholders of commercial legal entities and owners of securities. On 10 October 2018, the Cabinet of Ministers approved the Rules “On providing information to monitored persons/entities and other persons participating in monitoring with respect to founders (shareholders) of commercial legal entities, their shares in the charter capital and owners of securities”. The rules will allow them to request information while carrying out due diligence, including enhanced and on-going due diligence measures, in cases involving, inter alia, the establishment of business relations, or conducting transactions valued at AZN 15,000 or above.


Azerbaijan attends international conference on fight against corruption in Croatia

October 2018
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Azerbaijan attends international conference on fight against corruption in Croatia. On 15-16 October 2018, an Azerbaijani delegation led by Minister of Justice attended an international conference on “Strengthening transparency and accountability to ensure integrity: united against corruption” held in Šibenik, Croatia. The conference was co-organised by the Ministry of Justice of Croatia and Group of States against Corruption (GRECO) of the Council of Europe as part of Croatia’s chairmanship of the Committee of Ministers of the Council of Europe. Following the sessions, the conference participants signed the Declaration launching an International Network of Corruption Prevention Authorities.

Azerbaijan Prosecutor’s Office receives International Association of Prosecutors Certificate of Merit

September 2018
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Azerbaijan Prosecutor’s Office receives International Association of Prosecutors Certificate of Merit. The Prosecutor’s Office of Azerbaijan received a special award, Certificate of Merit, of the International Association of Prosecutors at the 46th meeting held in Johannesburg, South Africa.


Azerbaijan’s anti-money laundering efforts are discussed

Azerbaijan’s anti-money laundering efforts are discussed. At the meeting between Financial Market Supervisory Authority (FIMSA) and Commerzbank AG, the head of Commerzbank AG’s delegation noted that compliance in Azerbaijan is in line with best practices, and spoke highly of FIMSA’s efforts to enforce conformity with AML/CFT requirements and streamline internal controls, while also underlining their bank’s willingness to further their relations with Azerbaijani banks.


Azerbaijan jointly organises an event in Geneva addressing corruption’s negative impact on human rights

September 2018
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Azerbaijan jointly organises an event in Geneva addressing corruption’s negative impact on human rights. Within the framework of the 39th session of the UN Human Rights Council, Azerbaijan and Ecuador jointly organised an event entitled "Negative impact of corruption on the use of human rights at all levels". The Permanent Representative of Azerbaijan to Geneva briefed the event participants about large-scale reforms implemented in Azerbaijan to prevent corruption and improve transparency.


Ministry of Taxes strengthens transparency by introducing modern digital technologies

September 2018
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Ministry of Taxes strengthens transparency by introducing modern digital technologies. The Digital Tax Administration Department has been established at the Ministry of Taxes of Azerbaijan to ensure transparency of tax authorities, create a favourable business climate, and strengthen the fight against corruption and other negative factors.


Application of AML/CFT standards in banking sector is discussed

September 2018
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Application of AML/CFT standards in banking sector is discussed. On 26 September 2018, the Compliance Expert Group of the Azerbaijan Banks Association held its regular meeting to discuss due diligence with regard to the newly issued ID cards, as well as application of AML/CFT legislation in banks.


Azerbaijan’s anti-corruption reforms discussed at 19th Plenary Meeting of the Anti-Corruption Network

July/August 2018
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Azerbaijan’s anti-corruption reforms discussed at 19th Plenary Meeting of the Anti-Corruption Network. The progress report of Azerbaijan on Fourth Round of Monitoring of the Istanbul Anti-Corruption Action Plan was presented by senior prosecutors of Azerbaijan’s Anti-Corruption Directorate and adopted by the international expert group. According to the experts, Azerbaijan achieved progress in its anti-corruption efforts in several sectors of public administration, specifically in service delivery, police and education.