BAKU, Azerbaijan, February 13. The Cabinet of
Ministers of Azerbaijan has approved the “Rules for suspending the
movement of foreign exchange resources and national currency during
their cross-border transportation”, Trend reports.
The Prime Minister of Azerbaijan Ali Asadov signed a new
decision in this regard.
According to the decision, the rules were developed in
accordance with the law “On combating money laundering, obtained by
criminal means, and terrorism financing” and define the procedure
and accompanying indicators for halting the movement of assets in
foreign currency and national currency during cross-border
transportation of currency assets by individuals and legal
entities.
These regulations apply when importing national money into the
country’s customs territory, exporting it from that area, and
transiting it.
Customs authorities are required to provide information and
documents about the source and intended use of currency assets and
national currency during cross-border transportation in the event
that they are discovered to be undeclared or incorrectly declared
within the framework of the currency declaration regime as defined
by legislation. This includes filling out the “Form for providing
information on the source and purpose of using currency assets and
national currency,” which is connected to these guidelines.
When monetary assets and national currency are not or
incorrectly declared, customs authorities ascertain their source
and purpose of use.
Furthermore, the authorities develop a protocol in line with
Article 99 of the Customs Code to suspend the movement of financial
resources and national currency within 48 hours under the following
conditions, based on a reasoned decision by the head of the customs
authority:
– in circumstances of non-declaration or inaccurate declaration
of currency assets and national money, except those confiscated as
physical evidence during administrative or criminal
investigations.
Upon discovering evidence of money laundering gained by illicit
means, terrorism financing, or other crimes.
Stay up to date with more news on Trend News Agency’s
WhatsApp channel
