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Azerbaijan Urged to Improve Compliance with Anti-Money Laundering Standards

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The Council of Europe’s anti-money laundering body, MONEYVAL, has called on Azerbaijan to strengthen its measures to combat money laundering and the financing of terrorism. In a comprehensive report published today, MONEYVAL identified several areas where improvements are needed.

Key Findings and Recommendations

• The investigation and prosecution of money laundering cases require major improvements.
• Law enforcement authorities have access to financial intelligence, but increased domestic cooperation at an operational level is necessary.
• Some money laundering cases related to high-threat crimes have been investigated and prosecuted, but results are not consistent with the country’s risk profile.
• Legal persons have not been investigated for money laundering.
• Azerbaijan has a sound legal framework in place for implementing targeted financial sanctions without delay.

Areas Requiring Improvement

• Supervision of financial institutions and designated non-financial businesses and professions is inadequate.
• Controls over individuals who can significantly influence the decision-making process of financial institutions do not cover beneficial owners or potential associations with criminals.

Next Steps

Azerbaijan will be required to report back to MONEYVAL on progress achieved in improving the implementation of its anti-money laundering measures by December 2025.

About MONEYVAL

MONEYVAL is a monitoring body of the Council of Europe entrusted with assessing compliance with international standards to counter money laundering, terrorism financing, and proliferation financing. It evaluates 33 States and territories and makes recommendations to national authorities on necessary improvements to their anti-money laundering systems.