Baku, Fineko/abc.az. The process of adopting the law begun in 2004 on counteraction of legalization of money resources and property received by criminal way and financing of terrorism has all chances to be completed in 2008.
The National Bank of Azerbaijan General Director and Director of Workgroup for Law Elaboration Rufat Aslanli said the Bill has already been adopted in the first reading.
“We expect it to be adopted in further readings straight after resuming parliamentary activity in autumn,” R.Aslanli said.
The law which is the country’s obligation while entering into the European Council introduces system of monitoring under transactions and the operations exceeding the amount of AZN 20,000. The monitoring will cover credit institutions, insurance and reinsurance companies, professional participants of a securities market, leasing services of credit institutions, money transfers through post offices and other organizations, pawnshops, investment funds, transactions with precious metals and stones and purchase of precious products, non-governmental and religious organizations, organizers of lotteries rendering real-estate sale-purchase services (realtors) as well as lawyers, auditors, real estate deals, client assets, securities and property, client bank and depot accounts. A special state body will be established for the monitoring.
Elaboration and international expertise of the Law was completed in May 2005.
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