Financial Crime World

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Turkmenistan Falls Short on Anti-Money Laundering Regulations

A recent assessment by the Financial Action Task Force (FATF) has revealed that Turkmenistan’s anti-money laundering (AML) regulations require significant improvement. The country received a mixed bag of ratings, with some areas showing promise while others fell short.

Compliance and Non-Compliance

According to the report, Turkmenistan is largely compliant in areas such as:

  • Assessing risk and applying a risk-based approach
  • National cooperation and coordination
  • Money laundering offence
  • Terrorist financing offence
  • Targeted financial sanctions related to terrorism and terrorist financing
  • Correspondent banking
  • Wire transfers
  • Reliance on third parties

However, it was found to be partially compliant in areas such as:

  • Confiscation and provisional measures
  • Non-profit organisations
  • Financial institution secrecy laws
  • Record keeping
  • Politically exposed persons
  • Money or value transfer services
  • New technologies
  • Regulation and supervision of DNFBPs (Designated Non-Financial Businesses and Professions)

Areas Requiring Improvement

The country also received a non-compliant rating in areas such as:

  • Regulation and supervision of financial institutions
  • Powers of supervisors
  • Statistical reporting

Additionally, Turkmenistan was found to be partially compliant in its implementation of regulations related to:

  • Internal controls
  • Foreign branches and subsidiaries

Key Areas for Improvement

The FATF assessment highlights several key areas that require improvement, including:

  • Strengthening the legal framework
  • Improving cooperation between authorities
  • Enhancing customer due diligence measures
  • Increasing transparency in beneficial ownership information

Government Response

Turkmenistan’s government has pledged to address the shortcomings identified by the FATF and improve its AML regulations. The country must submit a follow-up report within two years to demonstrate progress on these areas.

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