Financial Monitoring Service (Azerbaijan)
The Financial Monitoring Service of Azerbaijan is a public legal entity whose role is policy coordination, overall regulation, and supervision in the sphere of anti-money laundering and counter-terrorism financing in the country of Azerbaijan. According to its website, the Financial Monitoring Service was established by the Decree No. 66 of the President of the Republic of Azerbaijan, dated 23 February 2009. The Financial Monitoring Service is the authority that implements the powers identified by the legislation on the prevention of illegally obtained funds and other property's use in the financing of terrorism in  accordance with international standard. The major purpose of the Financial Monitoring Service is to supervise compliance over the requirements of prevention of criminally obtained funds or other property and the financing of terrorism, as determined by the law of Azerbaijan. It also focuses on implementing policy and overall regulation in the relevant field as well as coordinate the activity of monitoring entities, other persons involved in monitoring, supervision authorities and other state authorities, overall providing for transparency and effectiveness. History. According to Decree No. 760 of the President of Azerbaijan, dated February 3, 2016, a legal entity of public law  – the Financial Market Supervisory Authority of Azerbaijan was established and thus, the Financial Monitoring Service continued its activities as a structural division of the authority. The Financial Monitoring Service was separated from the Financial Market Supervisory Authority by Decree No. 95 of the President of Azerbaijan, dated May 25, 2018. Currently, the Service continues to operate as a legal entity under public law. According to Decree on amendments to the "Charter of the Financial Monitoring Service of the Republic of Azerbaijan" of the President of Azerbaijan, dated February 24, 2020, and approved by Decree No. 215 dated July 18, 2018 , the Financial Monitoring Service began to operate under the Ministry of Economy of Azerbaijan in order to ensure the independence of its activities. Rights of FMS. FMS fulfils following functions in accordance with the scope of activities set forth by this Charter: Management of the FMS. The FMS is managed by the Executive Board, which carries out the management and supervision. The Executive Board consists of three persons – Chair of the Executive Board, two deputies appointed and dismissed by the President of the Republic of Azerbaijan. The term of the Executive Board is five years. Rovshan Najaf was appointed the  Chairman of the Executive Board of the Financial Monitoring in accordance with the Order of the President of Azerbaijan dated 28 August 2019. The Executive Board carries out the following duties: See also. Ministry of Economy (Azerbaijan)