Illicit financial flows and asset recovery in the Republic of Azerbaijan

11-06-2021
Illicit financial flows and asset recovery in the Republic of Azerbaijan
Illicit financial flows and asset recovery in the Republic of Azerbaijan

This report is a part of a series of studies on Illicit Financial Flows and Asset Recovery, implemented be the European Union and the United Nations Interregional Crime and Justice Research Institute (UNICRI). These studies shed light on the significant damage being caused to states as a result of unchecked IFFs.

Azerbaijan’s strategic position at the crossroads of trans-regional and trans-continental trade is particularly attractive to organised criminal groups. Azerbaijan has invested substantially in measures to combat the nexus of corruption, organised crime and IFFs. Progress has been made in meeting anti-money laundering global standards to ensure adequate safeguards in commercial banks, and to inhibit the proceeds of illicit activities from flowing through the fnancial sector. However, the report shows that there are still significant opportunities to strengthen and streamline capacity (and results) in the seizure and confiscation of assets linked to illicit activities.