Azerbaijan will inform foreign states on activity of their legal and physical persons

Baku. 19 October. REPORT.AZ/ An insurer, operating on endowment life insurance and annuity insurance, will submit information on financial operations carried out by legal and physical persons of foreign states in Azerbaijan, to the competent authorities of foreign states.

Report informs, Article 17.3 will be added to the law "On insurance activity". According to the article, when the insurer of endowment life insurance and annuity insurance opens an account for customers or provides financial services, information on financial operations carried out by legal and physical persons of foreign states in Azerbaijan, shall be submitted to the competent authorities of foreign states.

Moreover, according to the changes to the laws "On securities market", "On post offices", "On investment funds", "On banks", "On non-bank credit organizations", central depository, investment companies, national postal operator, investment funds, banks , non-bank credit institutions shall also submit information on financial operations carried out by legal and physical persons of foreign states in Azerbaijan, to the competent authorities of foreign states in accordance with the international agreements.

The drafts were recommended to plenary session of Milli Majlis (Azerbaijani Parliament).