Baku:Azerbaijan is taking significant steps to enhance its legal mechanisms aimed at combating the financing of terrorism. This development was reported during a meeting of the Milli Majlis, where proposed amendments to the Criminal and Criminal Procedure Codes were discussed.
According to Azeri-Press news agency, the draft law is designed to strengthen the mechanisms to combat terrorism financing (TF), specifically by clearly defining the liability of legal entities. It also seeks to ensure more effective implementation of obligations from international treaties to which Azerbaijan is a party, as well as compliance with relevant Financial Action Task Force (FATF) standards.
The critical distinction of terrorism financing from other economic crimes is its focus on directing funds to support terrorist acts or organizations rather than seeking financial gain. Thus, the primary goal in combating TF is not only to detect and confiscate illegal proceeds but also to identify, prevent, freeze, and confiscate resources that could be used for terrorist activities.
The proposed legal changes align with Azerbaijan’s international obligations and FATF standards, enhancing the effectiveness of national mechanisms for preventing terrorism financing. Additional amendments in the draft focus on aligning procedures for holding legal entities accountable. The draft law was voted on and adopted in its third reading.