Financial Crime World

AZERBAIJAN LAWYERS RECEIVE TRAINING ON FINANCIAL COMPLIANCE

Enhancing Knowledge on Anti-Money Laundering and Countering Terrorism Financing

Azerbaijani lawyers have significantly improved their understanding of anti-money laundering (AML) and countering the financing of terrorism (CFT) compliance, thanks to a workshop organized by the Council of Europe. The two-day event, held in Baku on February 1-2, aimed at enhancing the knowledge and capacities of lawyers to better assess and understand money laundering and terrorist financing risks.

Key Areas of Focus

  • Client Risk Assessment: International experts from the Council of Europe provided training on key risk indicators and factors related to a lawyer’s practice. This included examining whether a client’s business activities align with their background and wider profile.
  • Customer Due Diligence: The workshop helped lawyers develop their understanding of how to effectively perform customer due diligence and identify beneficial owners.
  • Risk-Based Approach: It emphasized the importance of embedding a risk-based approach into internal policies and controls.

A key aspect of the event was the discussion on legal professional privilege and its complex relationship with the fight against economic crime. Lawyers debated how they should act as “gatekeepers” to prevent money laundering while adhering to the privilege against disclosure, which protects clients’ fundamental human rights.

Significant Impact and Future Collaboration

The workshop has raised Azerbaijani lawyers’ awareness and promoted their understanding of key AML/CFT principles and requirements set forth in national legislation and international standards. The collaboration between the Azerbaijani Bar Association, the Financial Monitoring Service, and the Council of Europe will continue to support the expansion of AML/CFT awareness, knowledge, and practice among lawyers in Azerbaijan.

Project Funding

This activity was part of the project “Strengthening anti-money laundering and asset recovery in Azerbaijan,” funded by the European Union and the Council of Europe.