Azerbaijani parliament restricts activity of credit unions

  28 June 2019    Read: 822
  Azerbaijani parliament restricts activity of credit unions

Credit unions have been prohibited from attracting deposits from legal entities and individuals in Azerbaijan, reports.

This is reflected in the draft amendments to the law "On Credit Unions", discussed at an extraordinary plenary session of the Azerbaijani parliament June 27.

In accordance with the new draft, the activities of credit unions for the suppression of terrorism and the legalization of funds or other property acquired in a criminal way will be regulated in accordance with the law "On Counteracting the Legalization of Money or Other Property Received in a Criminal Way, and the Financing of Terrorism."

The main task of credit unions is to pool free funds of cooperative members and provide loans to their members.

As a result of voting, the amendments were adopted.

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