Financial Monitoring Service: Azerbaijan is not on gray list, unlike 31% of European countries

Today, Azerbaijan is not on the gray list, unlike 31% of the European countries with which it is assessed, Azer Abbasov, the Deputy Chairman of the Financial Monitoring Service (FMS) of Azerbaijan, said at the conference "Financial control - as a guarantor of the protection of the constitutional rights of the public and the private sector" held in Baku, dedicated to the Year of the Constitution and Sovereignty, Report informs.

"We have passed the 5th stage of the country assessment in 2023 and have achieved successful results. Being on the grey list can result in a 7.6% reduction in gross domestic product (GDP), a 3% reduction in foreign investments, the termination of correspondent relations of banks, an extension of the duration of transactions, and a very serious blow to the country's financial sector. It is easy to get on the grey list, but it is twice as difficult to get out of it. Therefore, the FMS constantly coordinates these processes," Abbasov said.