Zaur Fatizada: Azerbaijan brought its legislation 95.5% closer to FATF standards

Azerbaijan's legislation is 95.5% compliant with the 40 Financial Action Task Force (FATF) standards, with increasing this figure to 100% in the next assessment identified as a strategic goal, Zaur Fatizada, chairman of the Board of the Financial Monitoring Service (FMS), said at an event hosted by the American Chamber of Commerce in Azerbaijan (AmCham Azerbaijan), Report informs.

He noted that countries classified by the FATF as high-risk are partially isolated from the international financial system, and their investment opportunities are limited: "When a country is placed on the FATF's grey list, strict requirements are imposed. Under such conditions, cash flows decline by 7-10%, foreign direct investment by 3-5%, inflation rises, and other macroeconomic indicators are negatively impacted."