Reinforcing Anti-Money Laundering and Counter-Terrorism Financing Laws in Azerbaijan
Pulled from our sources, President of Azerbaijan, Ilham Aliyev, has initiated a new drive towards strengthening legally enforced measures against money laundering and terrorism financing. This was actualized through the establishment of Decree No. 1080-VIQD on December 26, 2023.
The Power Shift and its Significance
This decree extends beyond mere legal amendments. Crucially, it also involves the transfer of certain powers from the notariate and banking sectors to the country’s President and the State Security Service of Azerbaijan. This implies a noticeable shift in the country’s approach to the critical issues of money laundering and terrorism financing.
Specific modifications have been settled on certain statutes of the Law “On Notariate” and the Law “On Banks”, which direct various responsibilities to the President, with the State Security Service as the body in charge.
The Role of the Cabinet of Ministers
The decree has further set the Cabinet of Ministers with a role to play. The Cabinet is given the responsibility to tackle any stumbling blocks that the establishment and implementation of the new laws might bring up. Hence, the Azerbaijani government is addressing the issue of illegitimate financial dealings from a unified and cooperative front.
Establishing Role Clarity and Standardizing Laws
Furthermore, the new decree is aligned with prior laws related to notarial and banking functions, effectively standardizing proper practices and clarifying the tasks of different governmental bodies in upholding these laws. This paves the way for the decisive execution and strict compliance of the laws.
- Law “On Notariate”: Empowers the State Security Service for certain duties and functions.
- Law “On Banks”: Clarifies the administrative role of the President in specific responsibilities.
Conclusion
To conclude, the introduction of Decree No. 1080-VIQD reflects Azerbaijan’s steadfast determination to bolster its legal system against money laundering and the financing of terrorism. It marks a noteworthy move towards fostering transparency, responsibility and uprightness in the country’s financial settings. Hence, it is an important stride for the well-being and security of Azerbaijan and its people.
