Baku: Azerbaijan is set to implement fines for individuals and entities failing to submit necessary documentation for overseas transfers. This latest development was highlighted during the discussion of a proposed amendment to the Code of Administrative Offences at the Milli Majlis session.

According to Azeri-Press News Agency, the amendment aligns with the Law on Currency Regulation, mandating the submission of required supporting documents, such as those confirming acquisition of participation interest or shares, to authorized banks or the Central Bank of the Republic of Azerbaijan. These documents must be submitted within the legally established time frame. Failure to comply will incur fines based on the amount of foreign currency involved in the administrative offence. Individuals will face fines ranging from 5% to 10%, officials from 10% to 20%, and legal entities from 20% to 30%.

The draft law was subjected to a vote and successfully passed its first reading, marking a significant step towards its formal adoption and enforcement.