TurkZeka 2007/1 Puzzle Competition

Puzzle 6:
The Coded Countries

ABUPZPH , ALYLXL , AJSI ,

AWQFCBSGWO

, AFGLY , AUSTRALIA , ?
                     
  PANAMA               AUSTRALIA    

Which one of the following can be placed instead of the question mark?

1) AMVIXZ    
     
2) AJSJEZJQF    
3) ABYRLF TURKEY
     
4) ALJFKFZX