Azerbaijan to be taken off FATF’s special list

The high-level delegation of FATF (Financial Action Task Force (money laundering counteraction) paid two days visit to Azerbaijan on September. Azerbaijani Financial Monitoring Service says the purpose of the visit is to meet the Azerbaijan’s achievements about legalization of money and other property and fighting against financing of terrorism (PL/TMM).

Note that FATF is intergovernmental organization established in 1989, Paris Summit of G-7 countries. FATF determines international standards on activity against PLP-TM, assesses the countries’ application about these standards and adopts decisions which the countries have to fulfill these decisions.

FATF appraised the voids in the PL/TMM sphere in near 140 countries and divided the countries into three groups in accordance of risks in PL/TMM sphere: countries which were applied sanctions due to insufficiencies in PL/TMM sphere; countries having voids in PPL/TMM sphere and not collaborating with FATF; countries with voids but having special activity plan and political will for elimination of them.

Azerbaijan was placed into the 3rd group and mutual agreed action plan for elimination of these voids was adopted. According to discussions in FATF’s next plenary meeting, June, 2010, Azerbaijan fulfilled the plans about the development of PL/TMM system successfully. Thus, taking off Azerbaijan from the FATF’s special list was considered expedient. That’s why, FATF adopted decision about sending of evaluation mission to Azerbaijan to meet the Azerbaijan’s achievements about legalization of money and other property and fighting against financing of terrorism (PL/TMM). Azerbaijan is expected to be taken off from the FATF’s special list.

FATF’s mission will hold meeting in Cabinet of Ministries, CBA, Ministry of National Security, Financial Monitoring Service, Office on Combating Corruption under the Prosecutor General’s Office, State Committee for Securities and several commercial banks.


/APA/