Financial Crime World

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Turkmenistan Takes Measures to Combat Money Laundering and Terrorism Financing

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The government of Turkmenistan has taken steps to strengthen its efforts to combat money laundering and terrorism financing. According to a new law, financial institutions and individuals are required to report certain transactions and activities to the authorities.

Reporting Requirements

The law requires financial institutions and individuals to report any transactions exceeding a certain threshold amount, including:

  • Cash purchases or sales of foreign currency: TMT 10,000 (approximately USD 6,700)
  • Securities: TMT 50,000 (approximately USD 33,500)
  • Precious metals, jewels, or other valuables: TMT 20,000 (approximately USD 13,600)
  • Real estate transactions: TMT 100,000 (approximately USD 67,000)
  • Insurance payments or receipts: TMT 5,000 (approximately USD 3,400)

Reports must also be filed for transactions involving real estate, personal property, and insurance payments or receipts.

Authorized State Body

The authorized state body responsible for gathering and analyzing information related to these transactions is the [Name of Agency]. The agency will be responsible for:

  • Gathering and analyzing information related to reported transactions
  • Requesting information from individuals and entities
  • Accessing databases and registers maintained by other government agencies
  • Providing legal assistance in international investigations and prosecutions

International Cooperation

Turkmenistan has entered into agreements with foreign states to share information and provide legal assistance in combating money laundering and terrorism financing. The country is committed to cooperating with its international partners to prevent the misuse of funds for illegal purposes.

Penalties

Violations of the law may result in penalties, including fines and imprisonment. Individuals and entities found guilty of violating the law may be required to pay fines up to TMT 100,000 (approximately USD 67,000) or serve prison sentences up to five years. Repeat offenders may face more severe penalties.

Effective Date

The law will come into effect on [Date]. All financial institutions and individuals are required to report transactions exceeding the threshold amounts starting from that date.

By: [Name of Journalist]