President Ilham Aliyev has approved a package of amendments to Azerbaijan’s Criminal Code, introducing tougher financial penalties and clarifying key thresholds related to economic crimes.
The amendments significantly raise fines for concealing information about illegally obtained assets. Instead of the previous fixed penalty of 4,000 to 8,000 manats, the fine will now amount to 50% to 70% of the value of the concealed property.
The prison term for the offense – two to five years, with or without an additional ban on holding certain positions or engaging in specific activities for up to three years — remains unchanged.
The updated legislation also redefines damage thresholds in cases involving restrictions of competition:
“Significant damage”: above 200,000 manats and up to 500,000 manats
“Large-scale damage”: above 500,000 manats and up to 1 million manats
“Especially large-scale damage”: above 1 million manats
In addition, liability for restricting competition will now apply to the conclusion of horizontal or vertical agreements that limit competition, coordinated actions of the same nature, and abuse of dominant market position – except in cases explicitly permitted by law – if such actions cause significant damage or generate substantial unlawful income.
