The Committee of Experts on the Evaluation of Anti-Money Laundering Measures of the Council of Europe - MONEYVAL

(http://www.coe.int/moneyval)

Background

The goal of MONEYVAL, established in 1997, is to ensure that its Member States have in place effective systems to counter money laundering and terrorist financing and comply with the relevant international standards in these fields.  MONEYVAL has 28 permanent and 2 temporary Member States.

Mission

MONEYVAL reviews the AML/CFT in Council of Europe member States (and Council of Europe applicants which apply to join the terms of reference) which are not members of the Financial Action Task Force (FATF). MONEYVAL assesses its members' compliance with all relevant international standards in the legal, financial and law enforcement sectors through a peer review process of mutual evaluations.  MONEYVAL’s evaluation reports provide highly detailed recommendations on ways to improve the effectiveness of domestic regimes to combat money laundering and terrorist financing and states’ capacities to co-operate internationally in these areas.

MONEYVAL also conducts typological studies of money laundering and terrorist financing methods, trends and techniques.

Cooperation with Azerbaijan

After being accessed to the Council of Europe in January 2001 as fully legitimate member State, out country began to be represented in MONEYVAL since 2002.  Mutual relations of our country with MONEYVAL is established in accordance with procedures of the organization and presently continue.

MONEYVAL’s first AML/CFT status evaluation report on Azerbaijan was adopted in 2004.  Then, Azerbaijan was evaluated by MONEVAL again in 2008 and the subject report was developed.    The evaluation reports contained suggestions and recommendations on formation and development of AML/CFT system in the country.  The suggestions and recommendations played a key role during the undertaken reforms on formation and development of  AML/CFT system in the country.

Currently, Azerbaijan gets prepared for the 4th round of MONEVAL evaluation. It is expected that the evalutation will be conducted in 2012-2013.

• The Committee of Experts on the Evaluation of Anti-Money Laundering Measures of the Council of Europe - MONEYVAL;
• Financial Action Task Force of the Organization for Economic Cooperation and Development – FATF;
• Specialized Agency of Financial Intnelligence Units – Egmont Group;
• United Nations Office on Drugs and Crime – UNODC;
• International Monetary Fund;
• The Organization for Security and Co-operation in Europe;
• United States Agency for International Development - USAID.