The Financial Monitoring Service and the Chamber of Auditors joined forces to host a scientific-practical conference on October 27th, dedicated to the commemoration of the 100th anniversary of the National Leader of the Azerbaijani people, Heydar Aliyev. The conference centered on the critical role and responsibilities of supervisory bodies in fight against the legalization of criminally obtained property and the financing of terrorism.
The event gathered distinguished individuals, including high-level representatives from various government institutions such as the Ministry of Justice, the Chamber of Accounts, the State Statistics Committee, the Bar Association, the State Committee on Religious Affairs, the State Tax Service, the Small and Medium Business Development Agency, and several other government agencies. Notably, the conference attracted participation from the Azerbaijan Banks Association, the Insurance Association, and the National Confederation of Entrepreneurial Organizations. The presence of prominent figures from "Big Four" audit firms in Azerbaijan, accomplished academics, and experts in the field of auditing further enriched the event.
The conference commenced with a welcoming address from Mr. Zaur Fatizada, the Chairman of the Executive Board of the Financial Monitoring Service, who emphasized the importance of Azerbaijan's policy in combating terrorism financing and the legalization of criminally obtained property. Mr. Fatizada highlighted key elements such as the initial results of Azerbaijan's evaluation by MONEYVAL in 2023, pertinent legislation, the National Action Plan, and recommendations from the FATF for individuals providing auditing and accounting services. In his address, he underscored the pivotal role of effective oversight in policy implementation and drew attention to the legal obligations of persons providing auditing services in this regard. Mr. Fatizada further explored the potential for fruitful collaboration between the public and private sectors as a means to tackle existing issues and outlined significant upcoming initiatives.
Following Mr. Fatizada’s insightful remarks, Mr. Vahid Novruzov, President of the Chamber of Auditors, expressed his optimism for the successful continuation of the conference. He lauded the remarkable achievements stemming from successful reforms in the country and emphasized the urgency of eradicating instances of criminally obtained property and its improper use. Mr. Novruzov discussed the specific targets set by the National Action Plan for the years 2023-2025 in this context and elucidated the vital roles and responsibilities of supervisory bodies in executing the National Action Plan. He emphasized the necessity for supervisory bodies to adapt their roles and responsibilities to the challenges of the modern era in the fight against terrorism financing.
Throughout the event, a series of thought-provoking presentations were delivered by various speakers, offering insights into the multifaceted nature of the issues at hand. At the conclusion of these presentations, participants engaged in a dynamic Q&A session, providing a platform for meaningful dialogue and knowledge exchange.
The conference closed on a note of appreciation, with the co-chairs of the organizing committee expressing gratitude to all participants and underscoring the significance of this crucial event in the ongoing efforts to combat financial crime and terrorism financing.
It is noteworthy that the conference drew a significant audience, with nearly 100 participants in attendance. This collaborative endeavor serves as a testament to the commitment of the Azerbaijani government, supervisory bodies, and stakeholders to effectively combat financial crime and terrorism financing, and underscores the nation's dedication to upholding international standards in this regard.
