Legal mechanisms to combat the financing of terrorism are being improved.
According to news from elchi, this was reflected in the amendments proposed to the Criminal and Criminal Procedure Codes, which were discussed at today’s session of the Milli Məclis.
The draft law was prepared with the aim of strengthening the mechanisms to combat the financing of terrorism (FT), more precisely defining the responsibility of legal entities in this area, as well as ensuring the effective implementation of obligations arising from international treaties to which the Republic of Azerbaijan is a party and the relevant standards of the Financial Action Task Force (FATF) in national legislation. A significant difference between FT and other economic crimes is that the main purpose of this act is not to obtain financial or other economic benefit, but to direct funds to finance terrorist acts, terrorist organizations, or terrorists.
In this regard, the main goal in combating FT is not only to detect and confiscate illegal incomes, but also to timely identify, prevent, freeze, and confiscate financial resources that can be used in terrorist activities.
The proposed regulation is consistent with the goals and requirements of the international obligations of the Republic of Azerbaijan and FATF standards, and at the same time serves to increase the efficiency of national legal mechanisms in preventing FT.
The other amendments presented in the draft law are essentially adaptive in nature, taking into account the specifics of the proceedings for bringing legal entities to justice.
The draft law was put to a vote and adopted in the third reading.