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Changes made to the List of Non-Cooperative Countries in the AML/CFT field
Monday, 06 December 2010 17:42

Changes were made to “The list of countries (territories) that are suspected in either legalization of criminally obtained funds or other property, financing of terrorism, support of the dangerous trends of transnational organized crime, armed separatism, extremism and mercenary, participation in illegal drug dealership and other psychotropic substances production or circulation thereof, or the countries (territories) that do not require disclosing identification information when conducting financial transactions”(hereinafter - List of Non-Cooperative Countries) approved by the Financial Monitoring Service on 24 August 2010.

Taking into account last decisions made by the Financial Action task Force (FATF) and Organization for Economic Cooperation and Development (OECD), Belize, Philippines, Democratic Republic of San Tome and Principe, Cook Islands, Republic of Marshal Islands and Republic of Sierra-Leone are withdrawn from the List of Non-Cooperative Countries.

The List of Non-Cooperative Countries is prepared and approved by the Financial Monitoring Service upon agreement with the Ministry of foreign Affairs and in accordance with the Regulations approved by Decision #123 of the Cabinet of Ministers of the Republic of Azerbaijan, dated 25 June 2010. The following criteria are considered in preparation of the List:

  • Statement by UN, Council of Europe, OSCE and other international organizations about any country (or territory) on its support of transnational organized crime, as well as armed separatism and extremism, participation in illegal drug dealership, showing high risk of financing of terrorism and other this kind of cases;
  • Statement by OECD and the International Monetary Fund on application of not sufficiently transparent procedures during conclusion of financial transactions by a country (or territory);
  • Statement by FATF, MONEYVAL and other specialized international organizations on a country (or territory) about incompliance of its AML/CFT actions to international standards.

While the number of non-cooperative countries in the list approved by the Financial Monitoring Service in March 2010 was 46, their number decreased to 33 in August. And New List includes only 27 countries. The reduction in the number of countries included in the list is the result of necessary steps taken by them on adjusting AML/CFT activities to requirements of the international standards.

Pursuant to the existing legislation, reporting entities must pay special attention to the financial or other property transactions concluded with the countries (territories) from the list, identify the goal and essence of the transactions and immediately inform the Financial Monitoring Service about the transactions concluded with the countries.

The full list of non-cooperative countries can be found in the official web-site of the Financial Monitoring Service at:

http://fiu.az/images/documents/en/non_cooperative_countries.pdf