Turkmenistan Prepares for Eurasian Group’s Anti-Money Laundering and Countering Financing of Terrorism Evaluation
With the goal of strengthening its financial sanctions enforcement capabilities, Turkmenistan has organized an online seminar in partnership with the Organization for Security and Co-operation in Europe (OSCE) to prepare for the upcoming evaluation by the Eurasian group (EAG) on its compliance with the Financial Action Task Force’s (FATF) standards on anti-money laundering and countering financing of terrorism (AML/CFT).
Seminar Objectives
The seminar, held from August 2-4, brought together representatives from various law enforcement agencies, supervisory bodies, reporting entities, non-governmental organizations, government agencies, and the private sector to discuss key aspects of the FATF methodology used in assessing compliance with AML/CFT standards. The event aimed to facilitate a deeper understanding of the FATF recommendations and the effectiveness of AML/CFT systems.
OSCE Support
The OSCE Centre in Ashgabat organized the seminar as part of its long-term support for the Government of Turkmenistan in advancing its AML/CFT system in compliance with FATF standards. According to William Leaf, Officer in Charge of the OSCE Centre in Ashgabat:
“As part of its mandate, the OSCE Centre in Ashgabat follows key AML/CFT developments and effectively cooperates with the Government of Turkmenistan in promoting good governance and countering money laundering and terrorist financing.”
International Expert Insights
International experts from Lithuania and Belarus provided detailed insights into the FATF methodology, highlighting:
- 11 immediate outcomes
- 40 recommendations
Participants were also introduced to the key elements of the mutual evaluation interviewing process and the provision of data and statistics on technical compliance and effectiveness.
Long-term Support
The seminar is part of the OSCE Centre’s long-term support for the Government of Turkmenistan in advancing its AML/CFT system in compliance with FATF standards, as provided under the project “Enhancing the capacities of the host country to address main economic challenges by improving good economic governance”.
Conclusion
By organizing this seminar, Turkmenistan has taken a significant step towards strengthening its financial sanctions enforcement capabilities and preparing for the EAG’s evaluation. With OSCE support, the country is well on its way to advancing its AML/CFT system in compliance with FATF standards.