Azerbaijan enters into force new rules on combating funding of terrorism

Baku: Azerbaijani President Ilham Aliyev has signed a decree on the imposition of the law dated 20 October 2015 on making amendments to the law on the fight against the legalization of funds or other property attained through criminal ways and against the funding of terrorism, APA reported.

Article 11.4-1 in the following context has been added to the law on the fight against the legalization of funds or other property attained through criminal ways and against the funding of terrorism.

“Since the time the list of persons on whom sanctions are to be imposed as part of efforts to combat the funding of terrorism is published on the financial monitoring agency’s official website, monitoring participants and others participating in the monitoring must take measures on freezing the assets of persons noted in Article 7.2.5 of this law without forewarning these persons and without postponing and should immediately inform the financial agency in this regard. If the financial monitoring agency’s decision on freezing the assets does not enter within two days after the financial monitoring agency is informed, measures to freeze the assets become annulled”.

According to another amendment, assets at direct and indirect disposal of, or owned or used, or managed or controlled by the legal entity or individual noted in Article 7.2.5 of the law, as well as other assets they have attained through property, are all must be frozen.

According to newly added Article 19-1, in case the information presented to the financial monitoring agency based on Article 7.2.5 of this law is found out to belong to the person on whom sanctions are to be imposed as part of efforts to combat the funding of terrorism or a legal entity owned or controlled by that person or any legal entity or individual acting on behalf of that person or acting on that person’s order, the financial monitoring agency makes a decision on the preliminary freezing of the assets in two days. The assets get frozen during 30 days. In case grounds are discovered to conduct criminal application during the investigation of the information envisaged in Article 19-1.2 of the law, the concerned executive authority takes necessary actions to halt the performance of operations suspected of funding terrorism or put arrest on the property in the manner prescribed by the Criminal Code of the Republic of Azerbaijan in order to prevent the assets from being spent on funding terrorism.

SOURCE: AZERI-PRESS NEWS AGENCY

Related Post
PESHAWAR, -- At least 10 people were killed and 30 others injured on Friday when
Turkish Prime Minister Ahmet Davutoglu had meeting with the members of presidential council of Bosnia
The report said that the police operation, which is seen the part of the ongoing