FATF Issues New Statement on Anti-Money Laundering and Counter-Terrorist Financing

The Financial Action Task Force (FATF) released a significant statement impacting global efforts against money laundering, terrorist financing, and proliferation financing risks.

In accordance with Article 9.3 of the Republic of Azerbaijan's Law on Combating the Legalization of Criminal Assets and the Financing of Terrorism (AML/CFT), obliged entities are mandated to implement measures specified in Statement issued by the FATF.

The FATF highlights that jurisdictions identified as high-risk exhibit substantial strategic deficiencies in their financial systems. Consequently, FATF urges member countries to enforce Enhanced Due Diligence measures for all high-risk jurisdictions. In severe instances, countries are advised to take robust countermeasures to mitigate risks associated with Weapons of Mass Destruction and proliferation financing originating from these jurisdictions.

It is imperative that appropriate countermeasures are applied to transactions and business relationships involving countries designated as high-risk by the FATF.

The detailed FATF Statement can be accessed on the official website of the Financial Monitoring Service at fiu.az/bayanat.