The State Tax Service under the Ministry of Economy continues its awareness-raising measures to increase taxpayers' understanding of their obligations in combating the legalization of proceeds from crime and the financing of terrorism (ML/TF).
The Service informed the Editorial Office that, in accordance with the Law of the Republic of Azerbaijan "On Combating the Legalization of Proceeds from Crime and the Financing of Terrorism," real estate agents, individuals providing legal, accounting, and tax consulting services are considered obligated entities in cases defined by law and must organize their activities in accordance with the relevant requirements.
According to the legislation, obligated entities must establish an internal control system, identify and verify clients, assess institutional risks, analyze complex and unusual transactions, submit suspicious transaction information to the Financial Monitoring Service in the manner prescribed by law, and implement other measures. Supervision over compliance with the requirements of the legislation in this area is carried out by the State Tax Service under the Ministry of Economy of the Republic of Azerbaijan. In cases of violation of the legislation, officials are fined from 800 manats to 1,500 manats, and legal entities are fined from 8,000 manats to 15,000 manats, in accordance with Article 598 of the Code of Administrative Offenses.
To ensure taxpayers are properly informed and risks are reduced, relevant explanatory and methodological materials, as well as current normative legal acts, are regularly posted on the official website of the State Tax Service. Taxpayers are advised to familiarize themselves with the provided materials, organize their activities in accordance with current requirements, and actively participate in ensuring the transparency of the financial system.
The State Tax Service calls on taxpayers to strictly adhere to the requirements of the legislation in the field of combating money laundering and the financing of terrorism and to regularly utilize information published from official sources.