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Coordination of national initiatives on anti-money laundering and combating the financing of terrorism (AML/CFT) with initiatives of international organizations and other countries in this field is important. From this standpoint, the Financial Markets Supervision Chamber pays special attention to the actions aimed at enhancing international cooperation in the AML/CFT field.Pursuant to “Financial Markets Supervision Chamber” approved by the Decree #122 of the President of the Republic of Azerbaijan, dated 16 July 2009, the international relations activities of the Financial Monitoring Service carrying out the public policy in the AML/CFT field have the following directions:

  • learning international experience in the relevant field and provision of suggestions  on efficient methods and tools, participation in implementation of the international agreements the Republic of Azerbaijan is signatory to, and ensuring fulfillment of international commitments within its authorities;
  • securing contacts of the Republic of Azerbaijan with other countries and international organizations on the issues related to its authorities, cooperation with the relevant authorities of other countries and conclusion of agreements, as well as membership in the specialized international institutions;
  • putting forward initiatives for the Republic of Azerbaijan to join the international tools on the issues related to its activity directions.

Financial Monitoring Service, within the limits of its authorities set forth in the legislation, shall undertake activities on constant enhancement of multilateral and bilateral cooperation for formation of an effective AML/CFT system in the Republic of Azerbaijan and steadfast improvement of the country’s international image in the field.

Cooperation with international organizations

Multi-faceted cooperation relations of the Financial Monitoring Service can be divided into two directions:

i) cooperation with the international organizations specialized in the AML/CFT field – presently Financial Monitoring Service cooperates with the following specialized organizations of the Group:

ii) cooperation with the international organizations supporting AML/CFT –the Financial Monitoring Service presently cooperates with the following international organizations:

Bilateral cooperation

Necessary measures are made for development of bilateral cooperation of the Republic of Azerbaijan in the AML/CFT field.  Memorandum of Understanding is practiced in the International Law for carry-out of such cooperation.  In compliance with this practice, a letter on signing of a Memorandum of Understanding “On Cooperation for Information Exchange in the AML/CFT field” between the Financial Monitoring Service and financial intelligence units of 22 countries was sent to those units in February 2010.

For the moment, Memoranda of Understanding with Moldova, Belarus, Turkey, Macedonia, Russia and Iran have been signed. Besides, the authorized agencies of several states have already expressed their agreement to sign Memoranda of Understanding with the Financial Monitoring Service.