Financial Crime World

Azerbaijan’s Financial Sector Braces for Enhanced Anti-Crime Measures

Scoping Mission in Baku: An Essential Step towards Preparedness

  • Date: 26 September 2018
  • Location: Baku, Azerbaijan

International experts began a three-day mission in Baku, Azerbaijan, on September 24, 2018, to collect crucial data for a risk assessment methodology in the country’s banking sector.

Funding and Objectives

  • The mission was funded by the Council of Europe’s Economic Crime and Cooperation Division.
  • The primary goal was to prepare Azerbaijan’s financial institutions for enhanced measures against money laundering, corruption, and other financial crimes.

Sessions and Analysis

During the sessions, participants:

  • Reviewed and analyzed reports on financial crime risks.
  • Focused on Azerbaijan’s specific needs for sector-specific guidelines.

Aligning with Strategy and Identified Needs

  • The Council of Europe’s mission is part of a larger European strategy to reduce financial crime in Europe.
  • Azerbaijan was identified by the United Nations’ Financial Action Task Force (FATF) as a country with strategic deficiencies in its anti-money laundering and counter-terrorist financing (AML/CFT) regulatory framework.

Enhancing Azerbaijan’s Capabilities

The collaboration between international experts and Azerbaijan aimed to:

  • Enhance the country’s ability to assess and mitigate financial crime risks.
  • Protect the integrity of its financial sector.
  • Promote financial stability and economic growth.

Committed to Combating Economic and Financial Crimes

The Council of Europe’s mission in Azerbaijan underscores its commitment to:

  • Supporting member states in combating economic and financial crimes.
  • Ensuring effective implementation of AML/CFT measures.
  • Strengthening the rule of law in Europe.

Initial Step in Comprehensive Process

The three-day scoping mission marked the initiation of a comprehensive process to develop a risk assessment methodology and sector-specific guidelines for Azerbaijan’s banking sector. The mission began on September 24, 2018, and concluded on September 26, 2018.