Azerbaijan tightens corporate liability for terrorism financing

Azerbaijan's parliament has passed amendments in their final reading to strengthen mechanisms for combating terrorism financing and clarify the liability of legal entities in this area.

Report informs that the proposed amendments to the Criminal Code and the Criminal Procedure Code were discussed at today's plenary meeting of parliament's autumn session.

Under the amendments, criminal-law measures will apply to a legal entity if its failure to organize oversight of financial transactions as required by law results in officials committing a terrorism financing offense in connection with their official duties. These measures will apply regardless of whether the offense was committed for the legal entity's benefit or to protect its interests.

The bill states that a key distinction between terrorism financing and other economic crimes is that its primary purpose is to direct funds toward financing a terrorist act, a terrorist organization or a terrorist's activities, rather than to obtain financial or other economic gain.

Following discussions, the bill was put to a vote and adopted in its third reading.