Azerbaijan’s international sanctions list has been updated.
elchi reports that this information was provided by the Financial Monitoring Service.
According to the information, the changes were made in accordance with Article 5.2 of the Law “On Targeted Financial Sanctions” and the decision adopted by the UN Security Council’s ISIL and Al-Qaida Sanctions Committee on January 16, 2023.
The sanctions lists include individuals and entities included in the domestic list based on the decisions of Azerbaijani courts, as well as in the international list based on the decisions of the relevant sanctions committees of the UN Security Council (these typically include individuals, organizations, and companies associated with terrorism, financing of terrorism, proliferation of weapons of mass destruction, international crimes, and other serious violations – ed).
“Updated versions of the domestic and international sanctions lists have been posted on the official website of the Financial Monitoring Service, www.hms.gov.az.
According to the legislation, obligated persons must immediately freeze the assets of individuals and entities subject to sanctions.
This requirement applies to assets directly or indirectly owned or controlled by such persons, alone or in conjunction with others, as well as other funds derived from these assets.
At the same time, the assets of individuals and entities acting on behalf of or at the instruction of sanctioned persons, as well as the assets of entities directly or indirectly owned or controlled by such persons, must also be frozen.
The freezing of assets must be carried out without prior notice and without delay to the sanctioned persons.
Obligated persons must immediately inform the State Security Service and the Financial Monitoring Service about the freezing of assets through the www.hms.gov.az website,” the statement said.
It should be noted that the application of targeted financial sanctions involves restricting access to financial resources and economic assets of individuals and entities included in the sanctions list.