The procedure for applying targeted financial sanctions is determined.

APA reports that according to the newly drafted law "On Targeted Financial Sanctions" discussed at today's meeting of the Milli Majlis, all natural persons or institutions in the territory of the Republic of Azerbaijan, including "Fight against the legalization of property obtained through crime and the financing of terrorism" "On" the persons who bear obligations (hereinafter the persons who bear obligations), as well as persons providing auditor services, religious institutions, non-governmental organizations,including the branches or representative offices of non-governmental organizations of foreign countries in the Republic of Azerbaijan shall freeze the assets provided for in this law without delay and without warning to those persons from the time the international and domestic lists of targeted financial sanctions are published in the Internet information resource, and immediately upon this as determined by the relevant executive power body they must provide information to the body (institution), as well as to the financial monitoring body through that internet information resource.

Immediately after the list of individuals and entities included in international lists is published electronically by the United Nations, it is automatically placed and updated in the Internet information resource on targeted financial sanctions through software integration.

The body (institution) determined by the relevant executive power body is the list of resolutions adopted by the Security Council of the United Nations in order to prevent terrorism and the financing of terrorism, the spread and the financing of the proliferation of weapons of mass destruction, and the list of resolutions defining the natural persons and entities that should be sanctioned, determined by the relevant executive power body approves on the basis of the application of the body (institution).

Assets stipulated in this law should be kept frozen while sanctioned individuals and institutions are on the relevant list, and only after they are removed from the list, they should be released without delay.

Individuals and institutions to be sanctioned, as well as institutions directly or indirectly owned or controlled by those individuals and institutions, alone or jointly with others, as well as individuals and institutions acting on behalf of those individuals and institutions or on their behalf. It is prohibited to provide assets, economic resources, financial or other related services directly or indirectly, alone or together with others, by individuals or institutions in the territory of the Republic.

Assets of individuals and institutions whose assets have been frozen by mistake must be released without delay after confirmation of the relevant non-compliance by the body (institution) determined by the relevant executive authority on the basis of the application made through the Internet information resource for targeted financial sanctions of those individuals and institutions.

The body (institution) determined by the relevant executive authority should consider the application immediately.

Individuals or institutions whose rights have been violated as a result of the application of asset freezing measures can apply to the court for the protection of their rights and the damage caused to them.

The procedure for meeting the needs of natural persons and institutions from frozen assets for necessary and unexpected expenses provided for in this law is determined by the body (institution) determined by the relevant executive authority.

If adopted, this Law will enter into force on February 1, 2023.

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