Financial Crime World

Strengthening Money Laundering Prevention in Azerbaijan: A Success Story by the Economic Crime and Cooperation Division (ECCD)

Azerbaijan, a country located at the crossroads of Europe and Asia, has made impressive strides in the fight against money laundering and asset recovery, thanks to a collaborative effort between the Economic Crime and Cooperation Division (ECCD) of the Council of Europe and the government of Azerbaijan. This project, named PGG II Azerbaijan, had significant accomplishments in implementing new measures to prevent illicit financial flows and recover stolen assets.

Project Background and Objectives

PGG II Azerbaijan was designed to support the country’s efforts in preventing and combating money laundering and associated terrorist financing. The primary objectives of the project were:

  1. Improving risk-assessment methodologies
  2. Enhancing institutional cooperation and coordination

The ECCD provided technical assistance, training, and capacity building, focusing on areas such as:

  • Developing legal frameworks
  • Operational skills
  • Risk assessment

Notable Achievements

The collaboration between the government and the ECCD led to the following accomplishments:

  • Ratification of several international conventions on anti-money laundering
  • Introduction of more effective regulatory mechanisms
  • Strengthening of financial supervision and surveillance

These efforts led to a more transparent and responsive financial sector in Azerbaijan, improving the business environment and boosting investor confidence.

Asset Recovery and Progress

The most evident triumph of the PGG II Azerbaijan project is the substantial progress made in asset recovery. Several major cases of corruption and embezzlement have been addressed, with the seized assets returned to their rightful owners or used for public benefit projects. This demonstrates the government’s commitment to promoting good governance and building a culture of transparency.

Regional and International Cooperation

The success of the PGG II Azerbaijan project signifies a strong step towards regional and international cooperation in the fight against money laundering and related financial crimes. It serves as an inspiration and a model for other countries seeking to strengthen their anti-money laundering capacities.

ECCD’s Continued Commitment

As part of a broader commitment to assisting its member states, the ECCD continues to provide expertise, guidance, and financial support to countries in need. In this way, it demonstrates its role as an essential partner in building a more secure and prosperous Europe and beyond.