Baku: Fines will be introduced for failing to submit the required supporting documents related to transfers abroad, APA reports. The provision is reflected in amendments to the Code of Administrative Offenses, which were discussed at today's session of the Milli Majlis.

According to Azeri-Press News Agency, the amendments align with the Law on Currency Regulation. They stipulate that failure to submit the necessary documents related to foreign transfers-including those confirming the acquisition of participation interest or shares, and other legally required documents-to authorized banks or, when mandated, to the Central Bank of Azerbaijan within the specified timeframe, or failure to repatriate foreign currency funds to authorized bank accounts within the established deadlines, will incur administrative fines.

The fines will vary: individuals will face penalties of 5% to 10% of the foreign currency amount involved in the offense, officials will be fined 10% to 20%, and legal entities will incur fines of 20% to 30% of the foreign currency amount constituting the offense.

The bill was put to a vote and adopted in the third reading.