Baku.1 April. REPORT.AZ/ The Council of Europe’s anti-money laundering Committee (MONEYVAL) published a report on Azerbaijan.
Report informs citing the press service of the Council of Europe, in their report Council of Europe calls on Azerbaijan to step up actions to prevent and combat money laundering and terrorism financing.
Report declares, while steps have been taken to strengthen the legislative provisions governing the confiscation of proceeds of crime and instrumentalities, property deriving from proceeds-generating offences has not been effectively confiscated. Law enforcement agencies are insufficiently trained to conduct financial investigations in ML/FT cases and their ability to identify, trace and seize proceeds of crime is restricted by limited access to financial information. Additionally, the customs authority is not required by law to stop or restrain currency in the event of suspicions of ML and FT and to report suspicions to the FIU.
MONEYVAL will continue to monitor implementation of the recommendations by Azerbaijan through its regular follow-up procedures, which require the country to submit a follow up report by December 2016.