News
                              

List of designated persons
                               

Non-cooperative countries
                              

E-learning
                              

Send Report


The First Meeting of Coordination Council Held

The first meeting of the Coordination Council was held under the chairmanship of  Mr. Ali Ahmadov, Deputy Prime Minister of the Republic of Azerbaijan, Chairman of the Coordination Council in order to carry out a national risk assessment of the anti-money laundering and terrorist financing (AML/CFT) system, to prepare for the 5th round of evaluation by the relevant expert committee of the Council of Europe (MONEYVAL) and to discuss other issues.

Opening the event, Deputy Prime Minister Ali Ahmadov noted that as a part of measures to further expand the application of the principles of publicity, transparency and accountability in Azerbaijan, increase financial transparency, support civil society institutions and strengthen public control, as well as the promotion of open government the “National Action Plan for the Promotion of Open Government for 2020-2022” approved by the Decree of the President of the Republic of Azerbaijan dated February 27, 2020 was adopted. According to 3rd part of the Action Plan, a Coordination Council consisting of officials of the relevant government agencies and public associations has been established in order to periodically conduct the National Risk Assessment (NRA) on AML/CFT, to harmonize national legislation with international AML/CFT standards, as well as to coordinate preparations for the 5th round evaluation process planned by the Council of Europe’s MONEYVAL Committee on Azerbaijan.

Then, Mr. Rovshan Najaf, Deputy Minister of Economy of the Republic of Azerbaijan – Chairman of the Board of the Financial Monitoring Service spoke about the legal framework for the implementation of the NRA, the evaluation process on the AML/CFT system.

It was noted that during the first assessment in 2014-2015 various methodologies and the methodology provided by the World Bank were used to conduct the NRA. During the event cooperation with the Council of Europe within the framework of the “Partnership for Good Governance” program to conduct strategic analysis and risk assessments in areas specified in the above-mentioned Resolution of the Cabinet of Ministers, and cooperation with the United States Agency for International Development to assess ML/FT risks for non-governmental organizations were proposed for the next year. As well as the establishment of relevant working groups to evaluate the AML/CFT system was suggested at the meeting .

It was noted that in 2022, the Council of Europe’s MONEYVAL Committee is expected to begin the 5th round of evaluation of Azerbaijan’s AML/CFT system. Thus, both compliance of the national legislation with the international standards on AML/CFT adopted by the Financial Action Task Force (FATF) and the effectiveness of the AML/CFT system will be assessed.

Information on the mechanism of action of the proposed working groups for the evaluation of the AML/CFT system was provided, and participants’ questions were answered during the event.