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Decree of the President of the Republic of Azerbaijan

No. 687 of 1999

On Fight Against Terrorism

Amendments and Additional Provisions

The President of the Republic of Azerbaijan hereby decrees:

CHAPTER 3: Organization of Activities of the Financial Monitoring Organ

  • Article 1: The Financial Monitoring Service (FMS) is transformed into an independent agency, effective as of January 1, 2018.
  • Article 2: The FMS shall be a public legal entity financed from the state budget and shall carry out unified regulation and control in the field of prevention of money laundering and terrorist financing.

Charter of the Financial Monitoring Service

  • Article 3: The Charter of the FMS outlines its organizational structure, rights, and responsibilities.
  • Article 4: The FMS is independent in its activities and shall be guided by the Constitution of the Azerbaijan Republic, international agreements to which the Azerbaijan Republic is a party, laws of the Azerbaijan Republic, this Charter, other decrees of the President of the Azerbaijan Republic, as well as orders, decisions, and orders of the Cabinet of Ministers.

Main Objectives of the FMS

  • Article 5: The main objectives of the FMS are to monitor compliance with the requirements established by law, implement a single regulation in the relevant field, coordinate the activities of monitoring participants, other persons involved in monitoring, control, and government agencies, ensure transparency and efficiency, and prevent money laundering and terrorist financing in the Republic of Azerbaijan.

Duties and Responsibilities of the FMS

  • Article 6: The duties and responsibilities of the FMS include:
    • Participating in the formation of policy and implementing this policy;
    • Carrying out regulation and control in the field of prevention of money laundering and terrorist financing;
    • Coordinating the activities of monitoring participants, other persons involved in monitoring, control, and government agencies;
    • Ensuring transparency and efficiency;
    • Preventing money laundering and terrorist financing;

Rights of the FMS

  • Article 7: The rights of the FMS include:
    • Applying advanced corporate governance standards in its operations and management;
    • Managing and supervising the FMS through the Board of Directors;
    • Making inquiries to state bodies, institutions, local self-government bodies, legal entities, and individuals on necessary information and receiving such information from them;

Legislative Reforms

  • Article 8: Important legislative reforms have taken place in Azerbaijan after mutual cooperation with international standard setters.
  • Article 9: The Republic of Azerbaijan has adopted the following laws:
    • “On amendments to the Law of the Republic of Azerbaijan ‘On state registration and state register of legal persons’”, dated April 14, 2017;
    • “On amendments to ‘The Statute of the Anti-Corruption Commission of the Republic of Azerbaijan’ approved by the Law of the Republic of Azerbaijan 906-IIQ dated May 3, 2005’”, dated April 14, 2017;
    • “On amendments to the Law of Republic of Azerbaijan ‘On securities market’”, dated April 14, 2017;
    • “On amendments to the Law of Republic of Azerbaijan ‘On combating the legalization of criminally obtained funds or other property and financing of terrorism’”, dated April 14, 2017;
    • “On amendments to the Law of Republic of Azerbaijan ‘On insurance activity’”, dated June 13, 2017;
    • “On amendments to the Criminal Code of the Republic of Azerbaijan’”, dated June 13, 2017;
    • “On amendments to the Law of the Republic of Azerbaijan ‘On currency regulation’”, dated June 13, 2017;
    • “On amendments to the Code of Administrative Infringements of the Republic of Azerbaijan’”, dated June 13, 2017;
    • “On amendments to the Criminal Code of the Republic of Azerbaijan’”, dated October 10, 2018;
    • “On combating the legalization of criminally obtained funds or other property and financing of terrorism’”, dated October 10, 2018;
    • “On amendments to the Code of Execution of Punishment of the Republic of Azerbaijan’”, dated October 10, 2018.

Applicability

  • Article 10: This Decree shall come into force on the date of its signing.

Authentication

  • Article 12: The original text of this Decree is kept at the Cabinet of Ministers of the Republic of Azerbaijan, and a certified copy is sent to the Ministry of Justice, the Central Bank of the Republic of Azerbaijan, and the relevant state bodies for implementation.

Signature

Done in Baku on [date] of [year]

[Signature of the President] President of the Republic of Azerbaijan