Baku, March 1, 2025 – The Financial Monitoring Service was represented at the 3rd Tax and Accounting Summit, held to explore the latest developments and strategic trends in the fields of taxation and accounting. During the event, Fuad Aliyev, Director of the Collaboration Department of the Financial Monitoring Service, spoke at the summit’s Taxation and Accounting panel.

In his address, Mr. Aliyev discussed the prevention of financial crimes and illegal financial activities, focusing on the methods and approaches used to combat money laundering and the financing of terrorism (AML/CFT). He answered questions from participants and shared insights on the state’s ongoing efforts to combat financial crime.

Emphasizing the significance of establishing a robust compliance framework, Mr. Aliyev stressed that companies must implement specific policies and procedures to mitigate risks and fulfill legal obligations. He also highlighted the importance of taking proactive measures, including targeted financial sanctions, to prevent the financing of terrorism, urging businesses to stay informed about these critical matters.

Mr. Aliyev further underlined the essential link between business integrity and effective AML/CFT measures, asserting that operations grounded in integrity are the key to ensuring both legal and financial security.

Finally,  he discussed the potential for enhanced collaboration between the Financial Monitoring Service and the private sector, emphasizing the benefits of information exchange and shared expertise to strengthen compliance efforts.

This summit provided participants with valuable insights into the latest approaches for preventing financial crimes and underscored the importance of maintaining integrity and compliance within the business sector.