Alongside an extensive review of relevant legislation and documentation, the Council of Europe organised two remote consultation meetings with national authorities in Azerbaijan to discuss the legal and institutional framework in the area of supervisory powers and sanctions for non-compliance with anti-money laundering and countering the financing of terrorism (AML/CFT) regulations.
The exercise culminated in a set of recommendations for ensuring alignment with respective international standards. This support is particularly critical and timely in light of Azerbaijan’s upcoming follow-up reporting on the progress achieved in addressing the key findings and recommended actions issued by MONEYVAL - the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism, in the respective areas.
The recommendations highlighted the importance of considering a broader spectrum of corrective measures and dissuasive sanctions depending on the severity and frequency of violations, particularly in relation to legal entities. Additionally, a comparative analysis provided the partners with insights how various jurisdictions have approached similar aspects in these areas. Collectively, these elements will contribute to more informed actions to strengthen institutional responses to the AML/CFT threats.
This activity is part of the European Union and the Council of Europe joint programme “Partnership for Good Governance”, co-funded by the European Union and the Council of Europe, and implemented by the Council of Europe, in the framework of the project on “Preventing and fighting economic crime in Azerbaijan”.
