OREANDA-NEWS. June 17, 2010. During the monitoring carried out by the Central Bank of Azerbaijan in the sphere of the international money transfer systems operating in the territory of the country it was revealed that “MIGOM” system operates in the occupied territories of the Republic of Azerbaijan.

In order to remove such cases, the Central Bank warned the money transfer systems and their management agencies, and asked them to suspend such operations in the occupied territories; otherwise all the Banks operating in the territory of Azerbaijan would be prohibited to cooperate with such money transfer systems.

Given the fact of repetition of such cases by the “MIGOM” money transfer system, and the continuation of illegal operation in the occupied territories despite the warnings, on June 08, 2010 the Central Bank instructed all the banks operating in the territory of the Republic Azerbaijan to suspend all the business relations with this system.

The Central Bank of the Republic of Azerbaijan will continue such measures for the provision of sound financial mediation within its authority.