Pursuant to Article 9.3 of the Law of the Republic of Azerbaijan on Combating the Legalization of Criminally Obtained Property and the Financing of Terrorism (AML/CFT Law), reporting entities are required to implement the measures identified in the calls issued by the Financial Action Task Force (FATF).

Jurisdictions identified as high-risk have significant strategic deficiencies in their systems for combating money laundering, terrorist financing, and the financing of the proliferation of weapons of mass destruction. In relation to each country designated as high-risk, FATF calls on all its members to apply enhanced customer due diligence (CDD) measures. In the most serious cases, countries are further called upon to implement countermeasures in order to protect the international financial system from the risks of money laundering, terrorist financing, and proliferation financing emanating from those jurisdictions.

Appropriate countermeasures must therefore be applied with respect to transactions and business relationships involving countries identified by FATF as high-risk.

The relevant FATF public statements have been published on the official website of the Financial Monitoring Service.