Deputy minister: Financial crimes are also threat to national security

Financial crimes, especially the legalization of criminally obtained property and the financing of terrorism, pose serious threats not only to economic stability but also to public and national security, Azerbaijani Deputy Minister of Economy Anar Akhundov said at the international scientific and practical conference themed "The role, duties and responsibilities of supervisory bodies in the fight against the legalization of criminally obtained property and the financing of terrorism," Report informs.

The deputy minister noted that preventing these threats is possible not only through effective national control mechanisms, but also by strengthening international cooperation:

“In addition to implementing progressive reforms in this regard, the Azerbaijani government is closely cooperating with influential international organizations such as FATF and MONEYVAL. At the same time, consistent steps are being taken to bring national legislation into line with international standards.”

Akhundov said that special attention is paid to improving risk-based control systems by using the capabilities of digital technologies and artificial intelligence:

"As the Ministry of Economy, we are regularly implementing measures to reduce the scale of the shadow economy and integrate informal transactions into a transparent economic environment."

He emphasized that increasing transparency, combating corruption, and preventing the legalization of criminally acquired property are among the government's priorities: "This event is of particular importance in terms of combining efforts in this regard, sharing international experience, and strengthening mutual trust."