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Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) Compliance in Tajikistan
This report summarizes key points related to Recommendation 22 (R.22) and Recommendation 25 (R.25) of the AML/CFT/CPF Law in Tajikistan.
Recommendation 22: Assessment and CDD by Third Parties
The assessment of criterion 22.5 was initially deemed not applicable, but after a new AML/CFT/CPF Law was adopted, it became applicable.
Deficiencies Remain
- Conducting CDD by third parties (criterion 22.5) remains deficient.
- Additional amendments to the law are required to address these deficiencies.
Recommendation 25: PC Rating Factors
The factors underlying the PC rating included:
Criteria 25.1-25.3
- No requirement to keep and update information on settlors or other regulated agents and trust service providers (criterion 25.1 с).
- Information obtained through CDD measures was not updated (criterion 25.2).
- No requirement for trust and company service providers to disclose their status to FIs and DNFBPs when establishing a business relationship or carrying out an occasional above-threshold transaction (criterion 25.3).
Criterion 25.6: International Cooperation
- Deficiencies under criteria 25.1, 25.2, and 25.3 negatively affected international cooperation.
Criterion 25.7: Legal Liability
- No legal liability of trust or company service providers for failure to comply with the requirements set out in R.25 (criterion 25.7).
Addressing Deficiencies
Some deficiencies have been addressed:
- According to Article 6, section 15 of the AML/CFT/CPF Law, foreign trust service providers or company creation service providers are required to conduct CDD when providing services specified in the law.
- Sections 46 and 47 of Instruction No.257 require updating information on settlors and trustees.
Conclusion
While progress has been made, further amendments are needed to address the remaining deficiencies under R.22 and R.25.