Sunday, 13 June 2010

Azerbaijan bans remittances through MIGOM money transfer system

The Central Bank of Azerbaijan (CBA) instructed the commercial banks operating in the country to stop business relations with the MIGOM money transfer system, the Azerbaijani banks said.

Based on the notification, the banks operating in Azerbaijan must not engage in any transactions under this system of remittances from June 8.

The reason for the suspension of cooperation with the MIGOM money transfer system is linked with its illegal remittances to Nagorno-Karabakh, occupied by Armenia, the banks reported.

Earlier MIGOM was warned to stop illegal remittances, after which the system suspended transfers to Karabakh. But as the CBA's current decision shows, it again resumed its activities in the occupied territories. Read more

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