An international forum on "The Application of Advanced Technologies for Financial Intelligence and Information Exchange" was held in Shusha, bringing together financial intelligence units from the member states of the Turkic Council. The forum provided a platform for discussing and strengthening cooperation in combating financial crimes, including money laundering and the financing of terrorism.
Representatives from the Turkic Council, along with financial monitoring officials from both member and observer countries, visited Azerbaijan to participate in the forum, which also marked the 15th anniversary of the establishment of the Financial Monitoring Service (FMS) of Azerbaijan.
The forum, held in the city of Shusha, highlighted the growing collaboration among Turkic nations in addressing financial crime and reinforcing the historic and cultural ties between the peoples. Key discussions focused on sharing best practices and enhancing the mutual activities of financial intelligence agencies.
Mr. Aydın Kerimov, the Special Representative of the President of Azerbaijan in Shusha, emphasized the importance of initiatives by Turkic state leaders to strengthen bilateral relations. He noted that holding the forum in liberated Shusha was symbolic, underscoring the significance of enhancing partnerships among Turkic states.
Mr. Ömer Kocaman, a senior official from the Turkic Council, highlighted the deep historical, cultural, and social bonds between the countries and stressed the importance of deepening cooperation in the fight against financial crimes.
Mr. Zaur Fatizada, Chairman of the FMS, updated participants on the international cooperation and ongoing efforts to develop a robust anti-money laundering and counter-terrorism financing system, aligning with global standards. He emphasized the crucial role of collaboration between Turkic states in tackling financial crimes. A video showcasing the joint efforts of Turkic nations in this field was also presented.
During the forum, representatives from financial intelligence agencies shared their countries' experiences in combatting financial crimes, while the FMS introduced its new Suspicious Activity Monitoring System (SAMS), developed using advanced technologies and artificial intelligence. The system, consisting of 17 modules, provides enhanced capabilities for risk management, data integrity, and rapid software improvements tailored to specific national contexts.
The forum also introduced a new electronic registration system for obligated persons, supervisory bodies, and law enforcement, which has already seen a 54% increase in registrations compared to previous systems.
In a significant outcome of the forum, the financial intelligence units of Turkic states unanimously adopted the "Shusha Initiative," aimed at further strengthening cooperation in the fight against financial crimes across the Turkic world.
