Financial Crime World

Compliance Training Seminar for Financial Institutions Held in Turkmenistan

A two-day online seminar was held from August 2-4 to prepare financial institutions in Turkmenistan for an upcoming evaluation by the Eurasian Group (EAG) on their compliance with anti-money laundering and countering financing of terrorism (AML/CFT) standards set by the Financial Action Task Force (FATF).

Seminar Details

The seminar was supported by the Organization for Security and Co-operation in Europe (OSCE) and aimed to prepare financial institutions in Turkmenistan for the EAG’s mutual evaluation. Representatives from various law enforcement agencies, supervisory bodies, reporting entities, non-governmental organizations, and government agencies attended the event.

Organizers

The OSCE Centre in Ashgabat organized the seminar to facilitate discussions on the FATF methodology used to assess compliance with its recommendations and the effectiveness of AML/CFT systems.

Key Takeaways

  • The seminar provided insight into the FATF methodology, which includes 11 immediate outcomes and 40 recommendations.
  • Participants were introduced to the key elements of the mutual evaluation interviewing process and the provision of data and statistics on technical compliance and effectiveness.
  • Two international experts from Lithuania and Belarus shared their expertise on the FATF methodology.

Project Background

The seminar is part of a long-term project by the OSCE Centre in Ashgabat to support the Government of Turkmenistan in advancing its AML/CFT system in line with FATF standards, under the “Enhancing the capacities of the host country to address main economic challenges by improving good economic governance” project.

Quote

“This seminar is part of our ongoing efforts to promote good governance, combat money laundering, and terrorist financing,” said William Leaf, Officer in Charge of the OSCE Centre in Ashgabat. “We believe this event will support the Government of Turkmenistan’s institutions as they prepare for the EAG’s mutual evaluation this year.”