On 15 May 2025, the Law of the Republic of Azerbaijan “On Amendments to the Tax Code of the Republic of Azerbaijan, the Law on Currency Regulation, the Law on Commercial Secrets, the Law on State Registration and State Registry of Legal Entities, the Law on Banks, the Law on Insurance Activities, the Law on Non-bank Credit Institutions, the Law on Investment Funds, the Law on the Securities Market, the Law on the Prevention of the Legalization of Criminally Obtained Property and the Financing of Terrorism, and the Law on Payment Services and Payment Systems” came into force, along with the corresponding Presidential Decree on its implementation.
The new legislation introduces a comprehensive framework requiring legal entities to declare information on their beneficial owners. This information will be compiled into a centralized registry. Within their respective mandates, the State Tax Service, the Ministry of Justice, and the State Committee on Religious Associations will be responsible for collecting the data, while the Financial Monitoring Service will be tasked with verifying its accuracy and reliability.
Additionally, the Presidential Decree mandates the Cabinet of Ministers to ensure the effective implementation of the newly assigned powers under the law, including instructions to increase the human resource capacity of the Financial Monitoring Service.
This legislative development marks a significant step in fulfilling Azerbaijan’s international commitments in the field of anti-money laundering and counter-terrorist financing (AML/CFT) concerning beneficial ownership transparency. It is also expected to enhance the overall transparency of legal entities operating in the country.
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