Approved by board decision of National Bank of the Azerbaijan Republic of November 3, 2006 No. 34

Methodological management about prevention of legalization through banks of money or other property received in the criminal way

1. General provisions

Present Methodological Manual is prepared based on the Laws of the Azerbaijan Republic "About National Bank of the Azerbaijan Republic", "About banks", requirements of international conventions which participant is the Azerbaijan Republic, recommendations of FATF - the Working group on financial measures, the principles of Basel Committee on Banking Supervision.

Present Methodological Manual covers recommendations about legal mechanism of counteraction (this legal mechanism belongs also to counteraction of banks to financing to terrorism) legalizations of money or other property received in the criminal way in the commercial banks operating in the Azerbaijan Republic, their branches, departments, local branches of foreign banks (further - in banks).

The recommendations established in present Methodological Manual cover the minimum activities against legalization of money or other property received in the criminal way, and banks can provide implementation of additional actions within internal control system.

2. Concepts

The concepts used in present Methodological Manual have the following values:

* money or other property received in the criminal way - received directly or indirectly as a result of making of the crimes fixed by the Criminal Code of the Azerbaijan Republic, any money, personal or real, material or non-material estate, legal documents confirming the property rights;

* legalization of money or other property received in the criminal way - implementation of financial transactions or other transactions with use of money or other property received in the criminal way for the purpose of giving to such money or property of the legal status, concealment of the valid source of their obtaining;

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