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Azerbaijan Introduces New Sanctions Law to Combat Terrorism and Proliferation

Baku, Azerbaijan - A New Era in Combating Illicit Activities

The Azerbaijani government has introduced a new sanctions law aimed at preventing terrorism, terrorist financing, the proliferation of weapons of mass destruction, and the financing of such activities. The law comes into effect on [date] and defines the legal framework for targeted financial sanctions against individuals and institutions deemed to be involved in these illicit activities.

Key Provisions

  • The Sanctions Law of Azerbaijan consists of five chapters and 14 articles, outlining the criteria for individuals and institutions to be sanctioned.
  • The law sets out procedures for freezing assets and prohibits the use of financial resources or services by sanctioned entities.
  • Targeted financial sanctions will be applied to physical persons and institutions subject to international sanctions, including those listed on the United Nations Security Council’s sanctions list.

Sanctions and Compliance

  • Failure to comply with the new sanctions law will result in significant fines, ranging from 3,000 to 5,000 manats (approximately $1,800 to $3,000) for individuals and 1,000 to 50,000 manats (approximately $600 to $30,000) for legal entities.
  • Financial institutions, professionals, and other entities must freeze the assets of individuals and organizations acting on behalf of sanctioned persons or entities.

New Requirements

  • Cashless transactions require new procedures, including:
    • Credit organizations, insurers, reinsurers, and insurance intermediaries must submit information on operations monitored against money laundering and terrorism financing.
    • Notarization of transactions related to the alienation of shares in housing cooperatives is now required.

Seeking Professional Advice

  • Legal experts recommend that businesses and individuals subject to the new sanctions law seek professional advice to ensure compliance with the regulations.

Get Expert Guidance

For more information or advice on the Anti-Money Laundering Law of Azerbaijan, the Sanctions Law of Azerbaijan, and related regulations, please contact us at [email address] or [phone number].