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Tajikistan Introduces New Regulations for Property Transactions

Preventing Money Laundering and Financing of Terrorism

The government of Tajikistan has introduced new regulations aimed at preventing money laundering and financing of terrorism in the country’s property transactions. These regulations aim to enhance transparency and reduce the risk of illegal activities.

According to the new regulations, individuals and legal entities conducting transactions with cash or other property must provide specific data to the authorized body. This includes:

  • TIN (if applicable)
  • Residence address
  • Data needed to identify the representative of the individual or legal entity

Internal Control Rules for Anti-Money Laundering and Anti-Terrorism Financing

Organizations conducting transactions with cash or other property must develop internal control rules that include:

  • Procedures for customer due diligence
  • Identification of high-risk transactions
  • Staff selection and training
  • Internal audit procedures

Credit Organizations Prohibited from Opening Anonymous Accounts

Credit organizations are prohibited from opening or maintaining accounts for anonymous owners and fictitious names without presentation of necessary ID documents. They may also waive the conclusion of bank account agreement with an individual or legal entity if presented unreliable documents or if there is evidence of engagement in terrorist activities.

Confidentiality and Compliance

The regulations specify that organizations conducting transactions with cash or other property, their managers and staff must not inform clients or other individuals about the submission of information to the authorized body. The submission of information and documents shall not be considered a violation of official, banking, tax, and commercial secret, and shall not entail any civil, disciplinary, administrative, or legal responsibility.

Supervision by National Bank of Tajikistan

The National Bank of Tajikistan has been designated as the competent authority for supervision in the field of preventing and combating money laundering and financing of terrorism. The bank will monitor the implementation of these regulations by credit organizations, professional participants of equity market, insurance organizations, and other relevant entities.

Conclusion

These new regulations are aimed at enhancing transparency and reducing the risk of money laundering and terrorist financing in Tajikistan’s property transactions. By implementing these measures, the country aims to create a more secure and transparent environment for property transactions.