Azerbaijan has most recently accomplished its third round of the national risk assessment for preventing money laundering and the financing of terrorism. This is an important achievement as it identified where the country is most vulnerable so public agencies and businesses can prioritise actions and resources in an orchestrated manner. By revealing the highest-risk activities and sectors, it helps shape effective response measures, protect the financial system, and keep people and communities safe.
The Council of Europe brought together the representatives from national authorities and the private sector to discuss the findings and recommendations of the third national risk assessment of money laundering and terrorist financing. The discussions also focused on the draft National Action Plan, which outlines a series of actions aimed at mitigating the risks identified during the national risk assessment process.
Different stakeholders involved in the National Risk Assessment Working Group benefited from international expertise that offered insights into good international practices and challenges faced by other jurisdictions in assessing money laundering and terrorist financing risks. The event provided an opportunity to commend national efforts in assessing these risks comprehensively, while also suggesting areas for improvement, particularly in the area of data collection and analysis, and sector-specific assessments. Furthermore, participants benefited from recommendations aimed at exploring more specific and comprehensive measures to better address money laundering risks in certain areas.
The main reason for this elaborate exercise is to supplement the efficiency and depth of collected data, enhance the analysis of threats and vulnerabilities, and ensure the achievement of meaningful conclusions that could be further transformed into adequate and effective response.
Ultimately, the collaborative effect of the current event will assist national authorities in better identifying, assessing, and understanding national money laundering and terrorist financing threats and vulnerabilities, thereby strengthening their anti-money laundering and counter-terrorist financing systems and policies using a solid evidence base.
This event is part of the European Union and the Council of Europe joint programme “Partnership for Good Governance”, co-funded by the European Union and the Council of Europe, and implemented by the Council of Europe, in the framework of the project on “Preventing and fighting economic crime in Azerbaijan”.