Azerbaijan abolishes certain duties within Ministry of Finance

President Ilham Aliyev has made amendments to the decree dated February 9, 2009, regarding "Improving the Activities of the Ministry of Finance in relation to the Implementation of Laws on the Fight against the Legalisation of Illegally Acquired Property and the Financing of Terrorism" and "On Targeted Financial Sanctions", Azernews reports.

The Azerbaijani President has signed a new decree in connection with this matter.

According to the decree, the Ministry's responsibility to oversee the functions of the law enforcement body within its powers in cases and conditions envisaged by law and involving relevant institutions within its structure in the legalisation of funds acquired through criminal means and the financing of terrorism has been abolished.

Furthermore, the Ministry's responsibility to monitor compliance with the requirements of the law on the fight against the legalization of funds acquired through criminal means and the financing of terrorism in the purchase and sale of precious metals and precious stones, including watches and other household goods made from precious metals and precious stones, by individuals or legal entities has also been abolished.