Baku. 20 April. REPORT.AZ/ Violators of procedure for closing transaction will be arrested in Azerbaijan.
Report informs, Article 201-1 (violation of procedure for closing transaction with the persons having relation with legal persons or failure to present information on the transaction in the manner prescribed by law) will be added to the Criminal Code.
According to the law, violation of procedure for closing transaction with the persons having relation with legal persons or failure to present information on the transaction in the manner prescribed by law is fined with the penalty from two-fold to four-fold of the damage (revenue) as a result of the crime, if causes significant damage or brings revenue, or up to 1 year of imprisonment.
Penalty from three-fold to five-fold of the damage as a result of the crime or from 1 year of imprisonment to 3 years is considered, if the same actions cause significant damage or brings revenue.
The draft law will be discussed at Milli Majlis plenary session on April 25.