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Azerbaijan’s Anti-Money Laundering and Combating Terrorism Financing Framework

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The report is a comprehensive assessment of Azerbaijan’s anti-money laundering and combating the financing of terrorism (AML/CFT) framework. The report highlights both positive developments and areas for improvement in Azerbaijan’s AML/CFT efforts.

Positive Developments

Passage of AML/CFT Legislation

In early 2009, Azerbaijan passed AML/CFT legislation that will provide for the development of a financial intelligence unit (FIU).

Membership in International Organizations

Azerbaijan has ratified several international conventions and is a member of the MONEYVAL Committee.

Establishment of an FIU

The GOAJ plans to establish an FIU upon passage of the legislation.

Areas for Improvement

Regulatory Framework

While the AML/CFT legislation provides a framework, it needs to be amended to conform to international standards.

Binding and Enforceable Regulations

Azerbaijan should promulgate binding and enforceable regulations for both the financial sectors and designated non-financial businesses and professions (DNFBPs).

Awareness and Outreach Campaigns

The GOAJ should conduct awareness and outreach campaigns for entities subject to the law.

Asset Seizure and Confiscation

Azerbaijan should strengthen its asset seizure and confiscation regime.

Training and Capacity Building

The GOAJ should provide training, particularly for law enforcement and prosecutors, to enable authorities to conduct complex investigations and obtain convictions.

Coordination and Cooperation

The GOAJ should establish venues for both strategy formulation and coordination and cooperation between relevant authorities charged with AML/CFT work.

Blacklisting

Azerbaijan does not have an offshore jurisdiction blacklist in place. However, it is on the IMF’s list of Offshore Finance Centers (Original IMF List).