Tajikistan Faces Concerns Over Money Laundering Methods
A recent report by the Financial Action Task Force (FATF) has raised concerns over Tajikistan’s methods for combating money laundering. The country received a mixed rating, with some areas deemed compliant while others were found to be non-compliant.
Ratings Revealed:
The FATF report assessed Tajikistan on 40 key recommendations, with the following ratings:
Compliant (C)
- R.2 - National cooperation and coordination
- R.9 - Financial institution secrecy laws
- R.20 - Reporting of suspicious transactions
- R.21 - Tipping-off and confidentiality
- R.29 - Financial intelligence units
- R.36 - International instruments
Partially Compliant (PC)
- R.6 - Targeted financial sanctions related to terrorism & terrorist financing
- R.8 - Non-profit organisations
- R.12 - Politically exposed persons
- R.15 - New technologies
- R.16 - Wire transfers
- R.25 - Transparency and beneficial ownership of legal arrangements
- R.26 - Regulation and supervision of financial institutions
- R.28 - Regulation and supervision of DNFBPs
- R.35- Sanctions
- R.38 - Mutual legal assistance: freezing and confiscation
Largely Compliant (LC)
- R.1 - Assessing risk & applying risk-based approach
- R.3 - Money laundering offence
- R.4 - Confiscation and provisional measures
- R.5 - Terrorist financing offence
- R.10 - Customer due diligence
- R.11 - Record keeping
- R.13 - Correspondent banking
- R.14 - Money or value transfer services
- R.18 - Internal controls and foreign branches and subsidiaries
- R.19 - Higher-risk countries
- R.24 - Transparency and beneficial ownership of legal persons
- R.27 - Powers of supervisors
- R.30 - Responsibilities of law enforcement and investigative authorities
- R.31 - Powers of law enforcement and investigative authorities
- R.32 - Cash couriers
- R.33 - Statistics
- R.34 - Guidance and feedback
- R.37 - Mutual legal assistance
- R.39 - Extradition
- R.40 - Other forms of international cooperation
Non-Compliant (NC)
- R.7 - Targeted financial sanctions related to proliferation
The report highlights areas where Tajikistan needs to improve its methods for combating money laundering, including targeted financial sanctions related to terrorism and terrorist financing, non-profit organizations, politically exposed persons, new technologies, wire transfers, and regulation and supervision of DNFBPs.