Azerbaijan has failed to implement regulation aimed at curbing money laundering and terrorist financing, including the establishment of an effective financial intelligence unit, according to a report issued Wednesday. The eastern European country, which borders Iran and Russia, has taken "limited and fragmented" steps to address holes in its financial regulation and made no prosecutions relating to money laundering since criminalizing the act in 2000, said Moneyval, a regional anti-money laundering watchdog, in the report. The political will to prosecute launderers is so weak "that, for practical purposes, money laundering criminalization is a dead letter," said Moneyval. In the report,...
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