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BAKU: Azerbaijani Banks Discuss Further Pressure Upon Western Union

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  • BAKU: Azerbaijani Banks Discuss Further Pressure Upon Western Union

    AZERBAIJANI BANKS DISCUSS FURTHER PRESSURE UPON WESTERN UNION AND MONEYGRAM AFTER BAN FOR OPERATIONS WITH THEM

    Azerbaijan Business Center
    Aug 1 2008
    Azerbaijan

    Baku, Fineko/abc.az. The Association of Banks of Azerbaijan is
    conducting consultations with its member banks' heads on the subject
    of further steps in respect to international payment systems Western
    Union and Moneygram, carrying out money transfers to Azerbaijan's
    territories occupied by Armenia.

    ABA president Eldar Ismaylov said that domestic banks are debating
    further moves towards the above-listed systems that violated
    international law and international banking legislation.

    "Earlier the taken measures led to the fact that Russia's Vneshtorgbank
    (VTB) closed a branch of its subsidiary VTB Armenia in Khankendi. The
    same measures should be taken in respect to Western Union and
    Moneygram," Islmaylov said.

    VTB links the situation with the fact that by the moment of acquisition
    of Savings Bank of Armenia the latter already had a Khankendi-based
    branch that has been closed recently.

    At the same time it is not important who raised earlier the issue
    of illegal activity of payment systems - the National Bank (NB) of
    Azerbaijan or banking community. It is our civil duty to suspend
    operations with organizations failing to observe legal rights of
    Azerbaijan," Ismaylov said.

    On July 29 Rufat Aslanli, deputy chairman of board of the NB, sent
    out a letter to banks in which it prescribes to stop immediately
    since July 30 co-operation with money transfer systems Western Union
    and Moneygram. He explained such prescription with the fact that
    the NB set a demand to these systems and bodies controlling them on
    compulsory stoppage of any money transfers to occupied territories
    of Azerbaijan. Otherwise, it obliged to ban use of these systems
    to all commercial banks of the country. All the domestic bans were
    informed of that on June 20, 2008, but despite all the Azerbaijan's
    requirements, Western Union and Moneygram continued money transfers
    to occupied territory of Azerbaijan.
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