Financial Crime World

Targeted Financial Sanctions in Azerbaijan

Azerbaijan has adopted a law on targeted financial sanctions to prevent and combat the financing of terrorism and other serious crimes. This article provides an overview of the law, its provisions, and implications.

What are Targeted Financial Sanctions?

Targeted financial sanctions are measures that restrict or prohibit access to funds, assets, or economic resources of individuals or entities involved in the financing of terrorism or other serious crimes. These sanctions can be imposed on specific individuals, organizations, or entities.

Key Provisions of the Law

The law defines targeted financial sanctions and establishes procedures for freezing and seizing assets. It also:

  • Provides a legal basis: for imposing targeted financial sanctions in specific cases
  • Establishes notification procedures: for affected parties and an opportunity to challenge decisions
  • Requires cooperation with international organizations: in implementing targeted financial sanctions

Implementation and Cooperation

The adoption of this law is seen as a positive step by Azerbaijan in its efforts to combat terrorism and other serious crimes. However, its implementation will depend on the effectiveness of the procedures established by the law and the cooperation between Azerbaijan and international organizations.

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