Although a law obliging officials to present income statements has been adopted in Azerbaijan, the country still faces the threat of money laundering: the agency formed to exercise money laundering and terrorism financing control has not yet launched its activities, Vasif Movsumov, Executive Director of the Anti-Corruption Fund of Azerbaijan, stated in his interview with Echo daily.

“The adoption of the law is a fact to be welcomed. But, unfortunately, now and then the statutory acts fail to be effective,” Movsumov said.

Ali Masilim, a member of the Standing Committee on Economic Policy, Parliament of Azerbaijan, stated that no effective mechanism of money laundering control has yet been created in Azerbaijan. He pointed out the importance of cooperation with international institutions.

It is noteworthy that early this year the CE expert group Moneyval, formed to assess the effectiveness of money laundering and terrorism financing control, called for caution in carrying out operations with Azerbaijan.