The Council of Europe's Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism, known as MONEYVAL, said that Azerbaijan had created and applied a legislative basis on the combat with money laundering and the financing of terrorism.
Azerbaijan's progress was discussed at MONEYVAL's session in Strasbourg on 7-11 December.
"Azerbaijan has now created and implemented the legislative base to counter money laundering and terrorist financing, and a financial intelligence unit has commenced operations and is receiving and analysing reports," MONEYVAL said in a statement on the Council of Europe web site, dated 11 December.
The statement says that MONEYVAL withdraws its previous public statements about Azerbaijan and recommendations to financial institutions, made on 12 December 2008.
In its December 2008 statement MONEYVAL voiced concern at shortcomings in combating money laundering in Azerbaijan.
"MONEYVAL will continue to monitor progress on other outstanding issues raised in its third round report through MONEYVAL mechanisms," the statement concluded.
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