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Turkmenistan Cracks Down on Money Laundering with Stiff Penalties
Ashgabat, Turkmenistan - Combating Money Laundering and its Associated Crimes
In a bid to combat money laundering and its associated crimes, the government of Turkmenistan has introduced stringent penalties for those found guilty of the offence.
Investigation and Prosecution Efforts
According to the Supreme Court of Turkmenistan, money laundering cases are being investigated and brought to court in record numbers. However, the majority of these cases are minor and unrelated to drug trafficking.
Penalties for Money Laundering
Under the country’s criminal code, individuals found guilty of money laundering can face imprisonment of up to two years or fines equivalent to 50-100 times their average monthly wage. In more severe cases, where the offence is committed repeatedly, in a group, or with abuse of an official position, the sentence can be increased to two to five years imprisonment, with or without confiscation of property.
Challenges Facing Turkmenistan’s Anti-Money Laundering Institutions
Despite these efforts, Turkmenistan’s anti-money laundering institutions still face several challenges. The country lacks provisions governing:
- Mutual legal assistance
- Extradition
- Transfer of proceedings and sentenced persons
Additionally, there is no central authority responsible for executing requests on mutual legal assistance or transmitting them to relevant competent authorities.
International Agreements and Conventions
To address these gaps, Turkmenistan has signed several international agreements aimed at strengthening its anti-money laundering framework. These include:
- Memorandum of Understanding on Sub-Regional Drug Control Cooperation in Central Asia
- Tashkent Declaration (signed by six countries bordering Afghanistan as well as Russia and the United States)
Turkmenistan has also ratified several UN conventions related to drug trafficking and money laundering, including the Convention against Illicit Traffic in Narcotic Drugs and Psychotropic Substances of 1988.
Regional Cooperation
The country has participated in regional conferences aimed at strengthening legal cooperation in the fight against organized crime and drug trafficking.
Global Programme Against Money Laundering (GPML) Review
The GPML has praised Turkmenistan’s efforts to combat money laundering, saying that the country is making progress in its anti-money laundering framework. However, more needs to be done to strengthen cooperation with other countries and improve the effectiveness of its anti-money laundering institutions.
Recent Publications
- GPML Central Asia Briefing No. 1: Kazakhstan
- GPML Central Asia Briefing No. 2: Uzbekistan
- GPML Central Asia Briefing No. 3: Turkmenistan
- Russian Capitalism and Money Laundering
- Financial Havens, Banking Secrecy and Money Laundering
- Money Laundering and the Global Criminal Economy: The United Nations Response
Contact Information
Global Programme against Money Laundering UN Office for Drug Control and Crime Prevention Vienna International Centre P. O. Box 500 A-1400 Vienna (Austria) Tel: 431 26060 4313 Fax: 431 26060 6878 Email: gpml@odccp.org Websites: http://www.imolin.org or http://www.odccp.org/money_laundering.html