Plenary sitting of the Council of Europe (CE) Moneyval expert group on money laundering started its work which may be continued till 3 February, a board member of the National Bank of Azerbaijan (NBA), the head of the inter-departmental group on fight against money laundering Rufat Aslanli told Trend. Head of the group on fighting money laundering at the NBA Department on supervision for lending institutions activities Aliyar Mammadyarov and a representative of the Justice Ministry, a member of the inter-departmental working group Fahriyar Djabbarov take part in the sitting from Azerbaijan.
According to the program, the countries will inform of the work done in fighting against money laundering and funding terrorism. As Aslanli said, the Azerbaijani delegation has also prepared to tell about the progress in this respect in our country. Mo¬ney¬val sittings take place three times a year and each country is given time to give an account of the work done.
Аzerbaijan became the first country, which in 2003 underwent assessment under the new Mo¬ney¬val rules. They represent a complex of individual FATF standard corresponding assessments by the principle "40 + 8" (40 standards to counteract money laundering and 8 on counteracting terrorism financing). Each of the standards has several paragraphs, totally making up about 180 sub-paragraphs. There is no unified assessment on all the paragraphs and the country receives assessment by each paragraph individually. Azerbaijan meets considerably FATF standards. The second assessment is supposedly to be held by the international experts this year.
