Azerbaijan

New Documents

Azerbaijan Undergoes Moneyval Evaluation

Azerbaijan’s Financial Monitoring Service announced that the country recently underwent an evaluation by a mission group from the Council of Europe’s Committee of Experts on the Evaluation of Anti-Money Laundering and Terrorist Financing, or Moneyval.

May 26, 2023

Azerbaijan, Bangladesh FIUs Sign MoU on AML/CTF Cooperation

The Financial Monitoring Service of Azerbaijan issued a press release announcing its entry into a memorandum of understanding with Bangladesh’s financial intelligence unit.

May 26, 2023

Azerbaijan, Tajikistan Regulators Sign MoU on AML/CTF Efforts

May 26, 2023

Azerbaijan Completes AML/CTF National Risk Assessment

August 30, 2022

Azerbaijan FMS Hosts Meeting for Law Enforcement Specialists

May 3, 2022

News

Midweek Roundup: Germany Ordered Independent Review of FIU’s Shortcomings, Pandora Papers Fallout Commences, and More

U.S. lawmakers plan AML rules for lawyers and accountants, U.S. beneficial-ownership exemptions create gaps for financial crime, and more, in the midweek roundup.

October 6, 2021

Midweek Roundup: Western Union Halts Afghan Business, US Officials Freeze Afghan Central Bank Reserves, and More

Binance appoints Bank Secrecy Act officer, South Korea’s largest cryptocurrency exchanges fail AML exams, and more, in the midweek roundup.

August 18, 2021

Midweek Roundup: Correspondent Banking Relationships Decline, Credit Suisse Under French Investigation, and More

May 29, 2019

Midweek Roundup: FinCEN Warns of Illicit Funds from South Sudan, ‘Azerbaijani Laundromat’ Involved UK Shell Firms, and More

September 6, 2017

Midweek Roundup: FinCEN Reportedly Nears Settlement with Caesars, Spain Investigates Former IMF Chief, and More

April 15, 2015

Enforcement Actions

0 Items Found

Key Documents

Azerbaijan Enacts AML/CFT Legislation

February 25, 2009

Azerbaijan Amends AML Law, Expands Scope of Financial Monitoring Service's Authority

July 24, 2009

Azerbaijan Amends Counter-Terrorism Financing Provisions, Criminalizes Insider Trading

March 21, 2010

Azerbaijan Ministers Approve Form for Reporting Cross-Border Currency Transactions

July 28, 2009

Azerbaijan to Maintain List of High Risk Countries

June 25, 2010

Azerbaijan Adopts UN Counter-Terrorism Resolutions

June 25, 2010

Important Facts

  • The U.S. State Department identifies Azerbaijan as major money laundering jurisdiction. The country’s geographic location makes it a transit point for illicit funding between the East and the West. The major source of criminal proceeds in Azerbaijan is widespread public corruption, which is prevalent across all sectors. International reports identify Azerbaijan as a transit country for the Afghan drug trade and Azerbaijani authorities suspect that the illicit drug trade generates a significant amount of illicit funds. Other sources of illegal funds include tax evasion, smuggling, fraud and organized crime. Money laundering likely occurs in the financial sector, including non-bank financial entities and alternative remittance systems. Additionally, there is a significant black market for smuggled goods in Azerbaijan, which serves as a transit country for illicit goods. There remains a hole in the anti-money laundering legal framework, which excludes dealers of arts, antiques and other high-value consumer goods, entities dealing with jewelry and precious metals, travel agencies, and auto dealers from the list of covered entities.
Source: 2020 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i

Technical Effectiveness
Compliant : 1 High :
Largely Compliant : 5 Substantial :
Partially Compliant : 23 Moderate :
Non-Compliant : 18 Low :
Not-Applicable : 2

BASEL i

Rank : 66/141
Score : 5.24/10

TRANSPARENCY INTERNATIONAL i

Rank : 129/180
Score : 30/100

Tax Justice Network i

Rank : N/A
Score : N/A