Mammad Abbasbayli: Azerbaijan will tighten financial sanctions and fines

With the adoption of the Competition Code, financial sanctions and fines for violations of the law will become more strict, Mammad Abbasbayli, the head of the Antimonopoly and Consumer Market Control State Service under the Ministry of Economy, told a press conference on the Service’s results in 2022, Report informs.

He said that the purpose of applying financial sanctions is not to collect funds for the state budget:

“This step is rather directed towards avoiding such behavior in the future. If the penalty against the violator does not exceed the profit obtained as a result of the violation, the violator will repeat the behavior. The main purpose of tightening the sanctions is to prevent these law violations in the future.”

Abbasbayli added that the Competition Code was submitted to the government:

“Currently, the document is being reviewed by the Presidential Administration and is expected to be submitted to the Milli Majlis soon.”