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Turkmenistan’s Efforts to Prevent Financial Crime Revealed

Ashgabat, Turkmenistan - The country has made significant strides in implementing measures to prevent financial crime, according to a recent assessment by global anti-money laundering and combating the financing of terrorism (AML/CFT) watchdog, FATF.

Progress in Implementing AML/CFT Standards

The evaluation, which rates countries on their compliance with international AML/CFT standards, found that Turkmenistan is largely compliant with 14 out of 40 recommended measures. The country’s progress in implementing technical requirements to prevent financial crime was deemed satisfactory by the FATF.

Areas of Strength and Improvement

One area where Turkmenistan excelled was:

• Assessing risk and applying a risk-based approach (R.1)
• National cooperation and coordination (R.2)
• Combating money laundering offence (R.3)

The country also showed significant improvement in its efforts to:

• Confiscate and impose provisional measures on individuals and entities suspected of financial crime (R.4)

However, the FATF report noted that Turkmenistan still needs to improve in several areas, including:

Areas for Improvement

• Transparency and beneficial ownership of legal persons and arrangements (R.24)
• Regulation and supervision of DNFBPs (R.28)
• International cooperation, particularly in regard to:
  • Mutual legal assistance (R.37)
  • Extradition (R.39)

Recommendations for Strengthening AML/CFT Regime

The report highlighted the importance of Turkmenistan continuing to strengthen its AML/CFT regime by:

• Implementing effective customer due diligence measures (R.10)
• Maintaining accurate record keeping (R.11)
• Reporting suspicious transactions (R.20)

Conclusion

While Turkmenistan has made significant progress in preventing financial crime, there is still room for improvement to ensure the country’s financial system remains robust and secure.