Financial Crime World

Here is the converted article in Markdown format:

Turkmenistan’s Struggle Against Money Laundering

In a bid to curb the growing menace of money laundering in the country, Turkmenistan has introduced stringent laws that carry heavy penalties for offenders.

New Legislation

According to the new legislation, anyone found guilty of money laundering can face fines equivalent to 50 to 100 times their average monthly wage or imprisonment of up to two years. If the offence is committed repeatedly, in a group, or with abuse of an official position, the sentence can be as long as five years, with or without confiscation of property.

Efforts Against Money Laundering

In recent years, the Turkmen government has taken several steps to strengthen its anti-money laundering institutions and improve international cooperation. In 2001, the country investigated and brought to court several minor cases of money laundering that were unrelated to drug trafficking.

Turkmenistan has also ratified several international conventions aimed at combating money laundering and transnational organized crime. These include:

  • The United Nations Convention against Illegal Traffic in Narcotic Drugs and Psychotropic Substances
  • The Convention on Psychotropic Substances
  • The Single Convention on Narcotic Drugs

At the regional level, Turkmenistan is a signatory to the Memorandum of Understanding on Sub-Regional Drug Control Cooperation in Central Asia, along with other countries in the region. The country has also participated in several international conferences aimed at strengthening legal cooperation in the fight against organized crime and drug trafficking.

Challenges Remain

Despite these efforts, experts say that more needs to be done to combat money laundering in Turkmenistan. “The country’s financial sector is still vulnerable to abuse, and there is a need for greater transparency and accountability,” said one expert.

Sources

  • Global Programme against Money Laundering (GPML) Central Asia Briefing No. 3: Turkmenistan
  • United Nations Office for Drug Control and Crime Prevention (UNODCCP)
  • National legislation of Turkmenistan

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

Phone: +43 1 26060 4313 Fax: +43 1 26060 6878 Email: gpml@odccp.org Websites: www.imolin.org or www.odccp.org/money_laundering.html