16:12 - 16.03.2020

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March 16, Fineko/abc.az. In accordance with Article 7.1 of the Law on combating the legalization of money or other property obtained by criminal means and the financing of terrorism, the financial monitoring body is provided with information on currency transactions equal to or exceeding AZN 20,000 or the equivalent of foreign currency.

ABC.AZ reports with reference to tax authorities that tax services jointly with other governmental bodies and banks, within their powers, conduct appropriate investigation of cases of persons engaged in currency exchange operations in cash, and ensure their taxation in cases envisaged by law, apply to relevant authorities to investigate whether there are signs of a crime in the transaction, in case it is impossible to obtain relevant information about the source and taxation of funds, that are the subject of a currency transaction.

According to Article 193-1 of the Criminal Code of Azerbaijan, the legalization of money or other property obtained by criminal means entails criminal liability.