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 discussed at today's meeting of the Milli Majlis.

According to the draft, officials will be fined from 2,000 to 4,000 manats, legal entities from 20,000 to 30,000 manats for violation of the legislation on the legalization of property obtained through crime and the fight against the financing of terrorism.

For the failure of a person acting as a manager of a foreign legal institution to declare that he is a manager of a foreign legal institution when establishing business relations with obligees, natural persons in the amount of one thousand to two thousand manats, officials in the amount of two thousand to four thousand manats, legal persons in the amount of twelve thousand to twenty thousand manats amount will be fined.

Due to the fact that the service provider of the company acting as an external manager of a legal entity established (registered) in a foreign country (territory) did not declare that it participated as a service provider of the company during the establishment of business relations with the obligees and did not submit all the necessary information and documents in this regard, natural persons from five hundred to two thousand five hundred manats, officials will be fined from two thousand five hundred to five thousand manats, legal entities from fifteen thousand to twenty thousand manats.

Violation of the requirements established by the Law of the Republic of Azerbaijan "On legalization of property obtained through crime and combating the financing of terrorism" regarding the submission of information and documents on transactions to be monitored by financial institutions, officials from two thousand to four thousand manats for each transaction. in the amount, legal entities are fined in the amount 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" on non-execution of transactions by financial institutions, officials in the amount of three thousand to five thousand manats for each transaction, legal entities in the amount of thirty thousand manats shall be fined up to forty thousand manats.

For non-implementation by financial institutions of the decision of the financial monitoring body on the suspension of operations, officials are fined from four thousand to six thousand manats, legal entities from forty thousand to fifty thousand manats for each transaction.

Officials shall be fined from 800 to 1500 manats, and legal entities from 8000 to 15000 manats, for non-financial institutions and professionals committing the errors provided for in Articles 598.1 and 598.4 of this Code.

Officials shall be fined from 2,000 to 4,000 AZN, and legal entities 10,000 AZN due to the lack of rules and procedures aimed at minimizing the risks of religious organizations, non-governmental organizations, as well as branches or representative offices of non-governmental organizations of foreign countries in the Republic of Azerbaijan in order to prevent the financing of terrorism. a fine in the amount from AZN to 20,000 AZN is imposed.

Non-observance of the requirements for submission of information and documents or storage of information and documents on operations to be monitored as defined by the Law of the Republic of Azerbaijan "On the fight against legalization of property obtained through crime and the financing of terrorism" by persons providing auditor services, or failure of the financial monitoring body non-timely or full implementation of the written instructions given by the financial monitoring body in the field of legalization of criminally acquired property and prevention of financing of terrorism, as well as creating obstacles to the activity of control bodies, not responding to requests, not providing required information and documents,for providing wrong information and documents, officials are fined from eight hundred to fifteen hundred manats, and legal entities are fined 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", officials are fined from three thousand to five thousand manats and legal entities from thirty thousand to fifty thousand manats for each individual or institution.

The bill was voted and adopted in the first reading.