LAW OF THE AZERBAIJAN REPUBLIC

of May 31, 2018 No. 1165-VQD

About introduction of amendments to the Law of the Azerbaijan Republic "About the security market"

Being guided by Item 11 of part I of article 94 of the Constitution of the Azerbaijan Republic, for the purpose of approval of the Law of the Azerbaijan Republic "About the security market" with the Law of the Azerbaijan Republic "About introduction of amendments to the Law of the Azerbaijan Republic "About counteraction of legalization of the money received in the criminal way or other property and to terrorism financing" of June 13, 2017 the Majlis of the Azerbaijan Republic decides Millie's No. 736-VQD:

In the Law of the Azerbaijan Republic "About the security market" (Collection of the legislation of the Azerbaijan Republic, 2015, No. 7, Article 813; 2016, No. 3, Article 411, No. 11, Article 1756, No. 12, Article 2003; 2017, No. 2, Article 159, No. 5, Article 712, No. 12, the book I, Article 2222) to make the following changes:

1. State Article 1.0.3 in the following edition:

"1.0.3. the beneficial owner - physical person or legal entity which eventually acquires economic or any other benefit from the transactions connected with money or other property including this owner of the legal entity for benefit of whom transactions, or physical person which exercises control over the client are made and (or) on behalf of which financial transactions or other transactions, or the physical person exercising control over the legal entity are made;".

2. In Article 62.3 shall be replaced with words the word "beneficiaries" "beneficial owners".

3. In articles 62.6.1.5-ci shall be replaced with words 66.1.12 and 79.1.2 word "beneficiaries" "beneficial owners".

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