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SINCE TOMORROW AZERI BANKS RESUME BUSINESS CONTACTS WITH WESTERN UNION AND MONEYGRAM
Azerbaijan Business Center
13.08.2008 17:52
Azerbaijan
Baku, Fineko/abc.az. Azerbaijan and international payment systems
Western Union and Moneygram have achieved an agreement concerning
further co-operation.
The National Bank of Azerbaijan reports that after a ban introduced on
July 30 for domestic banks to run any operations with money transfer
systems Western Union and Moneygram for the reason of their activity
on Azerbaijani territory occupied by Armenians, an executive of one
of the companies has arrived in Baku.
"Jonathan Knauz, Western Union's vice president who came to Baku on
August 7, was received by the National Bank of Azerbaijan. During
the meeting the NB claimed of impossibility of any activity on the
country's territory occupied by Armenians and demanded stoppage of
such cases. The Western Union representative agreed wit demands of
the Azerbaijani party and verified the NB about stoppage of business
relations with organizations operating on the occupied territory of
Azerbaijan," it was reported.
Western Union undertook commitment at the level of top management
not to repeat more similar cases. In its turn, company Moneygram
has also implemented all the Azerbaijan's demands and received the
condition to operate on the country's territory within legislation
and international principles and committed not to repeat such mistakes.
"Thus, the NB permitted the local banks to resume business relations
since August 14, 2008 with Western Union and Moneygram," it was
informed.
According to NB information, in the course of monitoring of money
transfer systems operating in Azerbaijan it was revealed that a range
of systems (Contact, Western Union, Zolotaya Korona, Moneygram, Migom,
Privat Money, Lider) are conducting operations on Azerbaijani territory
occupied by Armenians.
In this connection on July 29 deputy chairman of board Rifat Aslanli
sent out to domestic banks in which it prescribes to stop immediately
since July 30 co-operation with money transfer systems, in particular
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.
Azerbaijan Business Center
13.08.2008 17:52
Azerbaijan
Baku, Fineko/abc.az. Azerbaijan and international payment systems
Western Union and Moneygram have achieved an agreement concerning
further co-operation.
The National Bank of Azerbaijan reports that after a ban introduced on
July 30 for domestic banks to run any operations with money transfer
systems Western Union and Moneygram for the reason of their activity
on Azerbaijani territory occupied by Armenians, an executive of one
of the companies has arrived in Baku.
"Jonathan Knauz, Western Union's vice president who came to Baku on
August 7, was received by the National Bank of Azerbaijan. During
the meeting the NB claimed of impossibility of any activity on the
country's territory occupied by Armenians and demanded stoppage of
such cases. The Western Union representative agreed wit demands of
the Azerbaijani party and verified the NB about stoppage of business
relations with organizations operating on the occupied territory of
Azerbaijan," it was reported.
Western Union undertook commitment at the level of top management
not to repeat more similar cases. In its turn, company Moneygram
has also implemented all the Azerbaijan's demands and received the
condition to operate on the country's territory within legislation
and international principles and committed not to repeat such mistakes.
"Thus, the NB permitted the local banks to resume business relations
since August 14, 2008 with Western Union and Moneygram," it was
informed.
According to NB information, in the course of monitoring of money
transfer systems operating in Azerbaijan it was revealed that a range
of systems (Contact, Western Union, Zolotaya Korona, Moneygram, Migom,
Privat Money, Lider) are conducting operations on Azerbaijani territory
occupied by Armenians.
In this connection on July 29 deputy chairman of board Rifat Aslanli
sent out to domestic banks in which it prescribes to stop immediately
since July 30 co-operation with money transfer systems, in particular
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.