Financial Crime World

Azerbaijan Seeks to Prevent Financial Crime with EU-CoE Partnership

Strengthening Anti-Money Laundering and Counter-Terrorism Financing Efforts

In a bid to strengthen its anti-money laundering and counter-terrorism financing efforts, Azerbaijan has joined forces with the European Union and the Council of Europe in a new project aimed at preventing financial crime. The initiative, launched as part of the second phase of the EU-CoE Partnership for Good Governance programme, is designed to support the country’s authorities in implementing institutional reforms that will enhance their capacities to combat economic crime.

Project Background

The project represents a continuation of previous efforts to strengthen Azerbaijan’s capabilities in fighting corruption and money laundering, which were implemented during the first phase of the PGG programme. The initiative is aligned with the EU-Azerbaijan Action Plan and the Council of Europe Action Plan for Azerbaijan 2018-2021, both of which prioritize strengthening the rule of law and anti-corruption mechanisms.

Project Objectives

The overall objective of the project is to contribute to democracy and the rule of law in Azerbaijan by enhancing the country’s authorities’ capacities to prevent and combat money laundering and terrorism financing, as well as recover proceeds from crime. This will be achieved through the implementation of institutional reforms that are in line with European and international standards.

Key Features

  • Technical Assistance: The EU-CoE Partnership for Good Governance has established a team of experts who will work closely with Azerbaijani authorities to provide technical assistance and support.
  • Senior Project Officer: A Senior Project Officer based in Baku will lead the project, ensuring effective implementation and coordination.
  • Programme Managers and Project Assistants: Programme Managers and Project Assistants from the Council of Europe’s Headquarters in Strasbourg will provide additional support and expertise.

Expected Outcomes

The project is expected to make a significant contribution to Azerbaijan’s efforts to prevent financial crime and strengthen its anti-money laundering and counter-terrorism financing regimes. By working together with the EU-CoE Partnership for Good Governance, Azerbaijan can ensure that its authorities have the necessary skills and resources to combat economic crime effectively and promote good governance in the country.

Conclusion

The EU-CoE Partnership for Good Governance project represents a crucial step forward in strengthening Azerbaijan’s anti-money laundering and counter-terrorism financing efforts. By leveraging international expertise and support, Azerbaijan can enhance its capacities to prevent financial crime and promote democracy and the rule of law.