NEW DRAFT LAW ‘ON BANKS’ MEETS INTERNATIONAL STANDARD
Chairman Sattar Safarov said the Commission members would bring draft Laws ‘On Lotteries’ and ‘On License’ up for discussion of the Parliament’s autumn session. They, according to him, will also take active part in debates over the package of laws and draft laws to be submitted to the Parliament in accordance with the President’s legislative initiative.
In relation to the draft Law ‘On Banks’ Sattar Safarov said: ‘the law will serve strengthening the role of banks in economic development.’
Chairman of the Board of the National Bank Elman Rustamov noted: the Laws ‘On Banks’ and ‘On Banking Activity’ were passed as early as 1993 and 1996. However, the process of globalization taking place throughout the world is accompanied by serious changes in banking and financial sectors, that’s why the developing countries including Azerbaijan strive for building their own banking system in compliance with international standards. To work out the new Law, the National Bank has applied to international experts. European Unions Banking Directives, combating terrorism, prevention of ‘money laundering’ and other principles were taken as a basis while elaborating the Law. The draft comprising three issue, 12 volumes and 107 articles meets all international standards: banking system, regulation of the banking activity, deposits insurance, creation of the funds for deposits insurance payments, exclusion of banks from the system and other important principles.
It was decided to bring draft law considered in detail by deputies and invited experts, up to discussion by the Parliament.
The Commissions work was attended by the first Deputy Chairman of the Milli Majlis Arif Rahimzadeh.