Financial Monitoring Service (Azerbaijan)

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Financial Monitoring Service of the Republic of Azerbaijan
Azərbaycan Respublikasının Maliyyə Monitorinqi Xidməti
Agency overview
Formed2009
Preceding agencies
  • Financial Monitoring Service under Central Bank of the Republic of Azerbaijan
  • Financial Monitoring Service of Financial Market Supervisory Authority
Jurisdiction President of the Republic of Azerbaijan
Headquarters Azerbaijan, Baku, AZ1014, Bul-bul Ave. 40
Agency executive
  • Zaur Fəti-zadə [1] , chairman of the board
Website fiu.az/eng/

The Financial Monitoring Service of Azerbaijan is a public legal entity whose role is policy coordination, overall regulation, and supervision in the sphere of anti-money laundering and counter-terrorism financing in the country of Azerbaijan. [2] [3] According to its website, the Financial Monitoring Service was established by the Decree No. 66 of the President of the Republic of Azerbaijan, dated 23 February 2009. The Financial Monitoring Service is the authority that implements the powers identified by the legislation on the prevention of illegally obtained funds and other property's use in the financing of terrorism in accordance with international standard.

Contents

The major purpose of the Financial Monitoring Service is to supervise compliance over the requirements of prevention of criminally obtained funds or other property and the financing of terrorism, as determined by the law of Azerbaijan. It also focuses on implementing policy and overall regulation in the relevant field as well as coordinate the activity of monitoring entities, other persons involved in monitoring, supervision authorities and other state authorities, overall providing for transparency and effectiveness. [4] [5]

History

According to Decree No. 760 of the President of Azerbaijan, dated February 3, 2016, a legal entity of public law – the Financial Market Supervisory Authority of Azerbaijan was established and thus, the Financial Monitoring Service continued its activities as a structural division of the authority. [6]

The Financial Monitoring Service was separated from the Financial Market Supervisory Authority by Decree No. 95 of the President of Azerbaijan, dated May 25, 2018. Currently, the Service continues to operate as a legal entity under public law. [7]

According to Decree on amendments to the "Charter of the Financial Monitoring Service of the Republic of Azerbaijan" of the President of Azerbaijan, dated February 24, 2020, and approved by Decree No. 215 dated July 18, 2018, the Financial Monitoring Service began to operate under the Ministry of Economy of Azerbaijan in order to ensure the independence of its activities. [8] [9]

Rights of FMS

FMS fulfils following functions in accordance with the scope of activities set forth by this Charter: [2]

Management of the FMS

The FMS is managed by the executive board, which carries out the management and supervision. The executive board consists of three persons – chair of the executive board, two deputies appointed and dismissed by the President of the Republic of Azerbaijan. The term of the executive board is five years. [2]

The executive board carries out the following duties:

See also

Ministry of Economy (Azerbaijan)

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References

  1. ↑ Распоряжение Президента Азербайджанской Республики О назначении З.И.Фати-заде председателем Правления Службы финансового мониторинга Азербайджанской Республики
  2. 1 2 3 "215 – Azərbaycan Respublikası Maliyyə Monitorinqi Xidmətinin fəaliyyətinin təmin edilməsi haqqında". e-qanun.az. Retrieved 30 August 2018.
  3. ↑ "GENERAL OVERVIEW | Financial Monitoring Service under Financial Markets Supervision Chamber". www.fiu.az (in Azerbaijani). Archived from the original on 2 July 2015. Retrieved 1 September 2018.
  4. ↑ "Azerbaijan establishes Financial Monitoring Service". Action against economic crime
    and corruption    . Retrieved 1 September 2018.
  5. ↑ Azvision. "Azerbaijan establishes Financial Monitoring Service" . Retrieved 1 September 2018.
  6. ↑ "Azərbaycan Respublikasının Maliyyə Bazarlarına Nəzarət Palatası publik hüquqi şəxsin yaradılması haqqında" . Retrieved 21 March 2021.
  7. ↑ "Azərbaycan Respublikasının Maliyyə Monitorinqi Xidmətinin yaradılması haqqında". www.e-qanun.az. Retrieved 21 March 2021.
  8. ↑ "Azərbaycan Respublikası Prezidentinin 2018-ci il 18 iyul tarixli 215 nömrəli Fərmanı ilə təsdiq edilmiş "Azərbaycan Respublikası Maliyyə Monitorinqi Xidmətinin Nizamnaməsi"ndə dəyişiklik edilməsi haqqında". www.e-qanun.az. Retrieved 21 March 2021.
  9. ↑ "Создана Служба финансового мониторинга Азербайджанской Республики". www.massa.az. Retrieved 21 March 2021.
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