The representatives of the Azerbaijani Financial Intelligence Unit (Financial Monitoring Service) were introduced to the process of development, implementation and management of the Ultimate Beneficial Ownership (UBO) Register in one of the EU member states in the framework of the project focusing on anti-money laundering and asset recovery actions to enhance the beneficial ownership transparency in the country.
Previous support included an extensive analysis of the relevant legislation aiming to improve the national beneficial ownership disclosure framework, and a series of consultative meetings.
Necessary data and information technologies, availability of access ensuring balance between privacy and transparency, supervision, quality and quantity control mechanisms, application of sanctions were key elements presented during the meeting. Furthermore, a live demonstration of the UBO register took place which allowed to visually experience and obtain a better understanding of the available features and functionalities of the register.
This exposure provided an opportunity for national authorities to build a clearer vision of the process of development and management of a UBO register and to improve their own beneficial ownership system.
This conference was organised within the framework of the project “Strengthening anti-money laundering and asset recovery in Azerbaijan”, funded jointly by the European Union and the Council of Europe and implemented by the Council of Europe in their Partnership for Good Governance II.
