Baku: Azerbaijan has introduced tighter regulations on bank transactions and other operations involving foreign financial sources. Bank transactions and any other operations cannot be carried out under contracts for services rendered or work performed using unregistered foreign financial sources, APA reports.

According to Azeri-Press News Agency, this provision is included in the recent amendments to the laws ‘On Non-Governmental Organizations (Public Associations and Foundations)’ and ‘On Combating the Legalization of Criminally Obtained Property and the Financing of Terrorism.’ These amendments were discussed during a session of the Milli Majlis (Parliament).

The new regulations stipulate that providing services or carrying out work based on unregistered contracts funded by foreign sources, or receiving funds or other material assets in connection to them, will lead to administrative liability as per the relevant procedures. After a series of discussions, the draft law was put to a vote and successfully adopted in the third reading.