Azerbaijan amends article on non-return of funds in foreign currency from abroad

Amendments are being made to the article of the Criminal Code of Azerbaijan concerning non-return of funds in foreign currency from abroad, Report informs.

The issue of making appropriate amendments to the Criminal Code was submitted for discussion in the first reading at the April 12 meeting of the parliament.

Part 1 of Article 208 of the Criminal Code of the Republic of Azerbaijan is proposed to be reworded – “Failure to return funds in foreign currency in a significant amount from abroad received as a result of foreign economic activity and subject, in accordance with the legislation of the Republic of Azerbaijan, to mandatory transfer to accounts in an authorized bank of the Republic of Azerbaijan, shall be punishable by restriction of liberty for a term of up to three years, or by deprivation of liberty for a term of up to three years.”

The current version of the Code reads: “Failure to return funds in foreign currency in a significant amount from abroad by head of the organization received as a result of foreign economic activity and subject, in accordance with the legislation of the Republic of Azerbaijan, to mandatory transfer to accounts in an authorized bank of the Republic of Azerbaijan, is punishable by restriction of liberty for a term of up to three years, or by deprivation of liberty for a term of up to three years.”

The draft amendments were put to the vote and adopted in the first reading.