A draft law “On targeted financial sanctions” has been prepared

The Milli Majlis Committee on Legal Policy and State Building has received a new bill on targeted financial sanctions, APA reports. The bill was discussed at today’s committee meeting.

The bill submitted by the President of Azerbaijan as a legislative initiative has been prepared on the recommendations of the FATF (Financial Action Task Force). It defines the legal framework and procedure for targeted financial sanctions to suppress and finance terrorism, the proliferation and financing of weapons of mass destruction, in accordance with the relevant recommendations of the UN Security Council.

If the law is passed, it will come into force on February 1, 2023.

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