Azerbaijan to make amendments in Law on Currency Regulation

Azerbaijan to make amendments in Law on Currency Regulation
  • Clock-gray 17:05
  • calendar-gray 07 June 2017

APA reports that text of the article #14-1 of the Law (Prevention of the Legalization of Criminally Obtained Funds or Other Property and the Financing of Terrorism) is fully changed.

 

According to the new text of the article, in case the relevant executive body reveals signs of legalization of criminally obtained funds or other property and the financing of terrorism during their transportation to or from Azerbaijani Republic, it should take measures to protect the signs, send the obtained documents to the relevant executive body following the crime and give information about this to the financial monitoring agency.

 

Current text of the article:

 

14–1.1. The relevant executive body of the Republic of Azerbaijan shall immediately submit the information to the Financial Monitoring Agency on the following transactions:

 

14–1.1.1. Transportation of the currency values into or out of the Republic of Azerbaijan by the citizens of the countries 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 narcotic drug dealership and other psychotropic substances production or  circulation thereof, or the countries that do not require disclosing identification information when conducting financial transactions; by the persons registered or that, who has a residency or permanent business in this country (territory); by the persons who have a bank account in banks registered in this country (territory);

 

14–1.1.2. Transportation of the currency values, of which the initial source is the country (territory) envisaged by the article 14–1.1.1 of this Law, to or from the Republic of Azerbaijan by any person.

 

The law was recommended to the plenary meeting of the parliament and will be discussed on June 13.  

 

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