Financial Crime World

Title: Enhancing Azerbaijan’s National Risk Assessment Process against Money Laundering and Terrorism Financing

The Council of Europe Supports Azerbaijani Authorities

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Azerbaijan is taking significant steps to strengthen its national risk assessment (NRA) process to combat money laundering and terrorism financing, supported by the Economic Crime and Cooperation Division (CDC) of the Council of Europe.

Second NRA Process in Azerbaijan

This is the second NRA process in this region, following the successful completion of the first process in 2016.

  • Evaluating Effectiveness: The primary objective is to evaluate and improve the effectiveness of Azerbaijan’s laws, regulations, and procedures against financial crimes.
  • Addressing Vulnerabilities: Focusing on identified weaknesses and vulnerabilities related to political, economic, and legal factors.
  • Recommendations: Offering recommendations for fostering robust regulatory frameworks to counter money laundering and terrorism financing.

Intensive Consultations

The CDC has been collaborating closely with Azerbaijani authorities to ensure a thorough assessment:

  1. Reviewing Aspects: Various aspects related to political, economic, and legal factors have been evaluated.
  2. Expert Knowledge: Experts and government officials exchanged knowledge and experiences.
  3. Problem-Solving: Discussions on risk assessments and anti-financial crime strategies.
  4. Collaborations: Exploring potential collaborations and international partnerships.

International Compliance

These efforts align with the European Union’s actions against financial crimes and adhere to the principles outlined in the Financial Action Task Force (FATF) recommendations. It also follows the United Nations Security Council Resolution 1373 (2001), which calls for effective measures to counteract money laundering and terrorism financing on both the national and international levels.

Expected outcomes of the NRA process include:

  1. Foundation for Initiatives: Establishing a strong foundation for ongoing initiatives to fortify Azerbaijan’s legal framework.
  2. International Image: Contributing to improved international image, fostering increased trust and cooperation in global financial systems.

Council of Europe’s Role

The Council of Europe’s Economic Crime and Cooperation Division has been helping member states and partner countries assess and mitigate financial risks, ultimately contributing to strengthened security and stability. This collaboration with Azerbaijan represents the organization’s commitment to fighting financial crimes and promoting a safer, more transparent Europe.