Azerbaijan defines legal framework for applying targeted financial sanctions to prevent terrorism

Azerbaijan has established the legal framework and procedure for applying targeted financial sanctions to prevent terrorism, its financing and the proliferation of weapons of mass destruction (WMD).

Report informs that a new bill "On targeted financial sanctions" has been prepared in this regard.

The bill envisages the application of sanctions to individuals and organizations established in accordance with Azerbaijani legislation and international agreements, as well as in accordance with the resolutions of the UN Security Council in the framework of the fight against terrorism and the financing of terrorism, the proliferation of WMD and the financing of its proliferation.

Measures of targeted financial sanctions include a ban on the direct or indirect use of the assets of the above individuals and entities and their freezing to prevent the financing of terrorism and the production and proliferation of weapons of mass destruction and their components.

The bill was adopted in the third reading, and will enter into force on February 1, 2023.