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 session 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;

- creating obstacles to the activity of supervisory bodies by financial institutions, including not responding to requests, not providing required information and documents, providing incorrect information and documents (with the exception of the cases provided for 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;

- officials will be fined in the amount of two thousand to four thousand manats, and legal entities in the amount of twenty thousand to thirty thousand manats for violating the requirements for the application of new technologies by financial institutions.

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 entities 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 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 on the suspension of 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 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 written instructions issued 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 will be fined from three thousand to five thousand manats, legal entities from thirty thousand to fifty thousand manats.

The draft law was voted on and adopted in the third reading.