Azerbaijan toughens punishment for illegal money transfers abroad

A draft on imprisonment for a period of five years for people involved in illegal money transfers from Azerbaijan to foreign countries has been adopted at the meeting of the Azerbaijani parliament in the first reading.

The draft changes to the Criminal Code were submitted for discussion in the first reading, Report informs on September 30.

According to the amendment, a new article 206-1 (illegal transfer of funds from the Republic of Azerbaijan to a foreign country or from abroad to the Republic of Azerbaijan) is added to the Code.

Proceeding from the new article, illegal transfer of funds from Azerbaijan and vice versa (without signs of a crime envisaged in Article 206 of the Code) through compensation or other methods of mutual settlements in a big amount is punishable. The offenders will pay a fine worth 40 per cent depending on the subject of the crime or will be imprisoned for up to two years, as well as will pay a fine worth 40 per cent depending on the subject of the crime.

The same acts committed by an official using his official position and on a large scale are punishable. The offenders will pay a fine in the amount from 40 to 60 per cent depending on the subject of the crime or will be imprisoned for a term from two to four years, as well as will pay a fine in the amount of 40 per cent depending on the subject of a crime or will be imprisoned for up to three years.

The acts envisaged by Articles 206-1.1 and 206-1.2 of the Code, committed on an especially large scale, will be punished. The offenders will be imprisoned for a period from three to five years, as well as will pay a fine from 40 to 60 per cent depending on the subject of the crime, or will be imprisoned for a period from three to five years.