New fines and criminal liability are defined for violations of the legislation on the fight against money laundering and terrorist financing.

APA reports that this was reflected in the proposed amendment to the Code of Administrative Offenses, which was discussed at today's meeting of the Legal Policy and State Building Committee of the Milli Majlis.

According to the project, violations of the legislation on the fight against the legalization of criminal property and the financing of terrorism, namely:

- non-compliance by financial institutions with customer compliance measures, data and document retention and reliance on third parties, per customer and transaction;

- due to non-implementation or complete non-implementation of the internal control program by financial institutions;

- failure of financial institutions to timely or fully implement the written instructions given by the financial monitoring body in the field of legalization of property obtained through crime and prevention of terrorist financing, according to each written instruction;

- creation of obstacles by financial institutions to the activity of supervisory bodies, including failure to respond to requests, failure to provide required information and documents, provision of incorrect information and documents (with the exception of the cases stipulated in Article 602.4 of this Code ) according to;

- failure to comply with requirements related to political influential persons by financial institutions, for each politically influential person and transaction;

- due to the violation of requirements for the application of new technologies by financial institutions -

officials will be fined from two thousand to four thousand manats, legal entities from twenty thousand to thirty thousand manats.

Due to failure of the person acting as the manager of a foreign legal entity to declare that he is the manager of a foreign legal entity when establishing business relations with obligees -

natural persons are fined from one thousand to two thousand manats, officials from two thousand to four thousand manats, legal entities from twelve thousand to twenty thousand manats.

Due to the fact that the service provider of the company acting as an external administrator of a legal entity established (registered) in a foreign country (territory) does not declare that it participates as a service provider of the company during the establishment of business relations with obligees and does not submit all the necessary information and documents in this regard -

natural persons shall be fined from 1,500 to 2,500 manats, officials from 2,500 to 5,000 manats, and legal entities from 15,000 to 20,000 manats.

Violation of the requirements established by the Law of the Republic of Azerbaijan "On the fight against the legalization of property obtained through crime and the financing of terrorism" regarding the submission of information and documents on transactions to be monitored by financial institutions, for each transaction -

officials are fined from two thousand to four thousand manats, legal entities from twenty thousand to thirty thousand manats.

Violation of the requirements established by the Law of the Republic of Azerbaijan "On the fight against the legalization of property obtained through crime and the financing of terrorism" regarding non-execution of transactions by financial institutions, for each transaction -

officials are fined from three thousand to five thousand manats, legal entities from thirty thousand to forty thousand manats.

In case of non-implementation by financial institutions of the decision of the financial monitoring body to suspend transactions, for each transaction -

officials are fined from four thousand to six thousand manats, legal entities from forty thousand to fifty thousand manats.

Due to non-financial institutions and professionals committing the errors provided for in Articles 598.1 and 598.4 of this Code -

officials are fined in the amount from eight hundred to fifteen hundred manats, legal entities in the amount from eight thousand to fifteen thousand manats.

Due to the lack of rules and procedures aimed at minimizing risks in order to prevent the financing of terrorism in the Republic of Azerbaijan of branches or representative offices of religious organizations, non-governmental organizations, including non-governmental organizations of foreign countries -

officials are fined from two thousand to four thousand manats, legal entities from ten thousand to twenty thousand manats.

Non-observance of the requirements for the provision of information and documents or the storage of information and documents on operations to be monitored, as defined by the Law of the Republic of Azerbaijan "On the fight against the legalization of property obtained through crime and the financing of terrorism", by the persons providing the auditor service, or the financial monitoring body non-timely or full implementation of written instructions given by the financial monitoring body in the field of legalization of property obtained through crime and prevention of terrorist financing, as well as creating obstacles to the activities of control bodies, not responding to requests, not providing required information and documents, providing incorrect information and documents according to

officials are fined in the amount from eight hundred to fifteen hundred manats, legal entities in the amount from eight thousand to fifteen thousand manats.

For failure to take measures to freeze assets in accordance with the Law of the Republic of Azerbaijan "On Targeted Financial Sanctions", each individual or institution -

officials are fined from three thousand to five thousand manats, legal entities from thirty thousand to fifty thousand manats.