Azerbaijan tightening measures to combat illegal money transfers

Finance Materials 30 September 2022 15:51
Baku, Azerbaijan Trend News Agency
Azerbaijan tightening measures to combat illegal money transfers

Criminal prosecution of individuals who organize transfer of funds in the amount of more than 50,000 manat ($29,410) through compensation or other methods of mutual settlements, without signs of a crime under Azerbaijan’s Criminal Code’s article on smuggling is envisioned in the country, Trend reports.

The relevant amendments to the Criminal Code have been discussed at a meeting of the Azerbaijani parliament.

According to the amendments, the commission of these acts by an official using his official position, or on a large scale, is considered as an aggravating circumstance.

In recent years, law enforcement agencies have identified cases of illegal money transfers. The perpetrators of these acts, acting through their own network, both within the country and abroad, committed illegal money transfers between Azerbaijan and foreign countries, thus creating conditions for the uncontrolled withdrawal of large foreign exchange funds from the country, damaging the financial and economic stability of the country, and leading to the expansion of money laundering mechanisms.

The bill established the amount of fines provided for the commission of these acts by introducing appropriate amendments to Article 190 of the Criminal Code of Azerbaijan. At the same time, the bill proposed to introduce criminal law measures against legal entities for committing acts provided for in Article 206-1 of the Criminal Code.

After discussions, the amendments were put to a vote and adopted.