Azerbaijan Strengthens Anti-Money Laundering Regulations: New Legislation in Effect
Subtitle: Upgrading Azerbaijan’s Economic Transparency and International Compliance
The government of Azerbaijan introduced new anti-money laundering (AML) regulations on January 31, 2023, with two new laws effective as of February 1, 2023, replacing the old law on combatting the legalization of money or other property obtained through crime and the financing of terrorism.
Key Dates:
- Old law abolished: January 31, 2023
- New laws effective: February 1, 2023
Reinforcing AML Framework: The New Laws
1. On Measures for Preventing the Legalization (Laundering) of the Proceeds of Criminal Activity
- Amplifies the definition of money laundering
- Specifies penalties for engaging in such activities
2. On Countering the Financing of Terrorism and Financing of the Proliferation of Weapons of Mass Destruction
- Enhances the existing framework against terrorism financing
Empowering a Stronger Regulatory Environment
These modifications aim to establish a more robust regulatory environment and demonstrate Azerbaijan’s commitment to collaborating with international partners to combat financial crimes and terrorism financing.
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Please note that this article is for informative purposes only and does not constitute legal advice. For specific legal advice, consult a qualified legal professional.