Financial Crime World

Turkmenistan Takes Steps to Prevent Financial Crime

OSCE-Organized Training Course Enhances Awareness of Students on AML/CFT Measures

In a bid to strengthen its financial crime prevention measures, Turkmenistan recently hosted an OSCE-organized training course on Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) for students from the Turkmen State Institute of Finance. The five-day hybrid course, which took place from September 18 to 22, aimed to raise awareness among participants about international AML/CFT standards and share best practices from OSCE participating States.

Course Objectives

  • Raise awareness among participants about international AML/CFT standards
  • Share best practices from OSCE participating States
  • Equip participants with the necessary knowledge and skills to effectively prevent financial crimes in Turkmenistan

International Expert Shares Insights

The training, organized by the OSCE Centre in Ashgabat, brought together an international expert who shared insights on AML/CFT policy and coordination, as well as preventive measures to combat this financial crime. The course also touched on money laundering and confiscation, transparency, and beneficial ownership of legal persons and entities.

Training Highlights

  • Introduction to Financial Action Task Force standards and relevant national legislation
  • Discussion of powers and responsibilities of competent authorities and other institutional measures related to AML/CFT issues
  • Sharing of views on preventive measures to combat financial crime

Commitment to Sustainable Development

According to William Leaf, Acting Economic and Environmental Officer of the OSCE Centre in Ashgabat, the training aligns with the Basel Declaration on Youth adopted at the OSCE Ministerial Council in 2014. The declaration recognized the potential of young people to contribute to economic, political, and social development, and acknowledged that they can support participating States in implementing commitments across all three dimensions of the OSCE.

“It is my firm belief that our training courses for students who may join the Financial Monitoring Service and other structures of the national AML/CFT system in a near future will enhance the sustainability of the host country’s efforts to advance the AML/CFT system,” said Leaf.

Conclusion

The training course is expected to equip participants with the necessary knowledge and skills to effectively prevent financial crimes in Turkmenistan. The OSCE Centre in Ashgabat remains committed to supporting the country’s efforts to strengthen its financial crime prevention measures, aligning with the declaration on youth adopted at the OSCE Ministerial Council in 2014.