Baku:The compliance of Azerbaijan's financial legislation with international standards has been assessed at 90-95%, as revealed by Zaur Fatizada, Chairman of the Board of the Financial Monitoring Service. Fatizada shared these insights during his speech at the 12th Azerbaijan Microfinance Conference, as reported by APA-Economics.

According to Azeri-Press news agency, significant strides have been made in the development of Azerbaijan's financial sector, alongside strengthened domestic and international cooperation. These efforts have resulted in the country achieving a 91% score in an international assessment, with legislative compliance assessed at 90-95%.

Despite these advancements, Fatizada highlighted the ongoing task of improving the effectiveness of current mechanisms. He stressed the importance of maintaining a balance between financial inclusion and financial security. In addition to enhancing access to financial services, he emphasized the need to consider requirements for combating money laundering and terrorist financing.

Fatizada further noted that to address these issues, security risks in the sector must be properly identified, gaps in financial inclusion should be addressed, and cooperation among financial institutions must be enhanced.