Azerbaijani parliament adopts amendments to law on Credit Unions
The credit unions are not allowed to attract savings (deposits) of individuals and legal entities in Azerbaijan.
This issue has been indicated in the addendum and in the amendments to the Law on ‘Credit Unions’, which was discussed at the plenary session of the Azerbaijani parliament on May 30, Trend reports.
According to the new project, the legalization of funds and other property of credit unions acquired through the crimes and the activity on suppression of terrorism are regulated in accordance with the law “On the fight against money laundering or other property acquired through the crimes and the financing of terrorism”.
The main purpose of credit unions is to pool free cash of members of a cooperative and provide its members with loans.
After the vote, the amendments were adopted in the first reading.