Yemelak.az informs that according to the Effective Instruction, notaries are responsible for buying and selling real estate, managing cash, securities, bank or securities accounts or other property, as well as creating legal entities, ensuring and managing their activities, organizing the collection of funds for these purposes, as well as when conducting notarial actions related to transactions related to the purchase and sale of legal entities, when there is a suspicion that the funds or other property that is the subject of the transaction is related to criminal acquisition or financing of terrorism, or sufficient for such suspicion in cases that create grounds, as well as this list of transactions with citizens of the states (territories) determined by the financial monitoring body, with persons whose registration, residence or main place of activity is in that state (territory), as well as those who have an account in a bank registered in the specified states (territories) when it is carried out in relation to the assets of individuals or legal entities owned or controlled by these individuals or legal entities acting on behalf of these individuals or on their behalf, or foreign if it is related to money or other property of political figures of the states, it must submit information about it to the financial monitoring body.
According to the amendment, notaries are responsible for buying and selling real estate, managing cash, securities or other property, as well as managing bank, warehouse, postal, payment and cash accounts, as well as creating legal entities, ensuring and managing their activities, and for these purposes, cash when conducting notarial acts related to transactions related to the organization of collection, as well as the purchase and sale of shares or shares of legal entities, when there is suspicion that the property that is the subject of the transaction is related to criminal acquisition or financing of terrorism, or in cases that create sufficient grounds for such suspicion, as well as these operations are carried out with citizens of high-risk zones, with persons whose registration, residence or main place of activity are in those zones or through them, as well as with persons who have an account in a bank registered in those zones, or sanctioned in accordance with the Law of the Republic of Azerbaijan “On Targeted Financial Sanctions” when it is implemented in connection with the assets of natural persons and institutions, or in connection with the property of political influential persons of foreign states, they must submit information and documents about it to the financial monitoring body.
Enhanced Notarial Responsibilities
According to the Effective Instruction, notaries have a crucial role to play in various financial transactions. They are now responsible for handling the buying and selling of real estate, managing cash, securities, or other property. Additionally, notaries are tasked with overseeing bank, warehouse, postal, payment, and cash accounts. These responsibilities extend to creating legal entities, ensuring their proper functioning, and managing their activities.
Notarial Actions and Financial Monitoring
One key aspect of the expanded role of notaries is their involvement in notarial actions related to transactions. Notaries must be vigilant when such transactions are linked to the organization of fund collections or the purchase and sale of shares or stakes in legal entities. Importantly, if there is a suspicion that the property involved in these transactions is connected to criminal acquisition or financing of terrorism, or if circumstances give rise to reasonable suspicion, notaries are obliged to act.
Transactions in High-Risk Zones
The recent amendment also places emphasis on transactions conducted with individuals and entities from high-risk zones. Notaries are required to exercise enhanced due diligence when dealing with citizens from these zones, persons whose registration, residence, or primary activities are within them, or those with bank accounts registered in these areas. This is particularly significant in cases related to the assets of individuals and legal entities owned or controlled by these individuals, or when acting on their behalf.
Reporting to the Financial Monitoring Body
Perhaps one of the most critical aspects of these changes is the obligation of notaries to submit information and documents to the financial monitoring body. This requirement applies when notaries encounter transactions that trigger suspicion of criminal acquisition, financing of terrorism, or when dealing with the property of politically influential foreign figures.
In conclusion, the expanded responsibilities of notaries in financial transactions and monitoring play a vital role in upholding legal and financial integrity. These amendments align with international standards and demonstrate the commitment of Azerbaijan to combat money laundering and the financing of terrorism. Stay tuned to Yemelak.az for further updates on this important subject.
