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President of Azerbaijan Ilham Aliyev issued a decree on implementation of the law on combating the money laundering and funding of terrorism. The decree orders to establish the Financial Monitoring Service under the Azerbaijan National Bank for implementation of the state policy in the combating the money laundering and funding of terrorism, strengthening of the control in this system and coordinating the relevant organizations, press service of the President told APA.
The Azerbaijan National Bank will prepare the regulations of the Financial Monitoring Service and will submit it to the President within a month.
The Cabinet of Minister of Azerbaijan is commissioned to prepare its proposals on coordinating of the valid legislative acts with the law on combating the money laundering and funding of terrorism and to submit the proposals to the President within two months, to provide coordination of the normative legal acts of the Cabinet of Ministers and executive bodies with the law and to report to the President about it, to determine the forms of reports submitted to the financial monitoring body and to report to the President about it, to prepare the draft legislative act on the responsibilities for the violation of law and to submit it to the President and to resolve other issues arisen from the law within its authority.
