Financial Crime World

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Azerbaijan Takes Significant Step in Combating Money Laundering with Risk-Based Approach

Azerbaijan has taken a significant step forward in strengthening its efforts to combat money laundering and terrorist financing by adopting a risk-based approach to Anti-Money Laundering (AML) and Counter-Terrorist Financing (CFT). This new strategy is designed to help financial institutions identify and mitigate the risks associated with suspicious transactions.

Training Programs

To support this initiative, a team of experts was dispatched to Baku in 2018 to design and deliver targeted training for representatives from private financial institutions on the risk-based approach to AML/CFT. The training program was specifically tailored to equip participants with the skills and knowledge needed to effectively implement the new strategy.

In 2019, a similar initiative was launched in Baku, focusing on providing specialized training for analytical staff from the Financial Monitoring Service (FIU) and representatives from law enforcement authorities. The OSINT Course, which lasted five days, was designed to enhance the skills of these professionals in analyzing open-source intelligence.

Expert-Led Sessions

The training programs were delivered on behalf of the Council of Europe and involved a team of experts with extensive experience in AML/CFT. The sessions covered a range of topics, including:

  • Risk assessment
  • Customer due diligence
  • Suspicious transaction reporting

Significance of Azerbaijan’s Adoption

Azerbaijan’s adoption of a risk-based approach to AML/CFT is a significant step forward in the country’s efforts to combat money laundering and terrorist financing. By equipping financial institutions and law enforcement agencies with the skills and knowledge needed to effectively implement this strategy, Azerbaijan is well-placed to reduce the risks associated with these crimes and protect its financial system from abuse.

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