Azerbaijan toughens control over securities market

Azerbaijan’s Cabinet of Ministers has approved a list of offshore zones, after the registration in which people won’t be able to obtain shares of legal entities in the country’s securities market.

Under the decision of the Cabinet of Ministers, the list includes such countries and territories as Anguilla, Antigua and Barbuda, Aruba, Bahamas, Belize, Cook Islands, Grenada, Maldives, Nauru, the Netherlands Antilles (now the Caribbean Netherlands), Panama, Samoa, Saint Kitts and Nevis, Seychelles, Turks and Caicos Islands, Vanuatu and the US Virgin Islands.

Thus, persons who are registered in these offshore zones can’t be shareholders of legal entities licensed in the securities market of Azerbaijan.