A training session was held for individuals offering services in real estate, legal, accounting, and tax advisory, focusing on matters related to the legalization of criminally obtained property and combating the financing of terrorism. Representatives of the State Tax Service, Financial Monitoring Service under the Ministry of Economy, as well as obliged entities providing legal, accounting, tax consulting services and realtors participated in the event.

Speaking at a recent event, Mirali Kazimov, Deputy Head of the Training Center at the State Tax Service, emphasized the comprehensive measures being undertaken to detect and prevent the legalization criminally obtained property and the financing of terrorism. These efforts aim to establish a robust framework that safeguards against the misuse of the country's economic system for illicit purposes. In this direction, it is important to implement effective cooperation in order to fulfill the obligations arising from the international agreements that our country is a party to. Creation of satisfactory mechanisms aimed at preventing and detecting such acts in economic entities is one of the urgent issues. There are certain requirements on realtors, independent persons providing legal, accounting and tax consulting services within the framework of the fight against money laundering and terrorist financing.

Nazim Aliyev, head of the Science, innovation and cooperation department of the Educational Center of STS, made a presentation in the context of the general provisions of the legislation in this field. He said that the legalization of illegally obtained property, which is more commonly known as "dirty" money laundering among the international legal community, is one of the main illegalities caused by corruption in the modern era and the main manifestation of organized crime in the economic sphere. In the legalization of criminally obtained property, intermediaries with special knowledge and skills are used, which makes it difficult to detect and fight against such facts.

Narmin Rahimli, a representative of the International Taxation and Tax Monitoring Department of STS, drew attention to the presentation entitled "Implementation of the legislation on customer compliance measures". She provided detailed information about the requirements defined for the responsible persons, the application and scope of customer compliance measures, and explained to the participants the procedures for the assessment of risks on the basis of the legislation and customer profile.

Mehman Aliyev, the Acting Director of the Legal Department at the Financial Monitoring Service, delivered a presentation on "Risk Assessment". Aliyev's insights shed light on the intricate components of institutional risk assessment within the framework of combating financial crime. During his presentation, Aliyev provided a comprehensive understanding of high-risk customers, products, geographical zones, and delivery channels, as well as identifying individuals or sectors that could be categorized as high-risk customers. He detailed the application of a proposed risk assessment methodology, defining key risk indicators and offering guidance on creating reference lists while quantifying risks. Mehman Aliyev emphasized the importance of sharing experiences related to assessment mechanisms and recognized the significance of effective risk evaluation in the ongoing efforts to combat financial crime. His presentation highlighted the commitment of the Financial Monitoring Service to stay at the forefront of the fight against financial crime and ensure the integrity of the country's financial system

The event concluded with an engaging interactive session, where questions from participants were answered, opinions and suggestions were heard, and clarifications were provided on the pertinent topics discussed. Participants were assured that in the future, additional training sessions will be organized to delve deeper into the subject matter. These sessions will equip obliged entities with the necessary methodological assistance to effectively apply relevant legislation.