Financial Crime World

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Financial Crime Enforcement Agencies in Turkmenistan Face Scrutiny

A recent assessment of financial crime enforcement agencies in Turkmenistan has revealed mixed results, with some areas showing significant improvement while others remain a concern.

Progress Made

According to the assessment, Turkmenistan has made progress in implementing technical requirements for fighting money laundering and terrorist financing. The country has largely complied with recommendations regarding:

  • Assessing risk and applying a risk-based approach
  • Targeting financial sanctions related to terrorism and proliferation

Areas of Concern

However, there are areas where Turkmenistan falls short. The country has partially complied with requirements regarding:

  • Confiscation and provisional measures
  • Transparency and beneficial ownership of legal persons and arrangements

Additionally, Turkmenistan has not yet fully implemented measures to:

  • Prevent the misuse of correspondent banking relationships
  • Establish adequate internal controls for foreign branches and subsidiaries

Non-Compliance Issues

The assessment also highlighted areas where Turkmenistan has shown significant non-compliance, including:

  • Financial institution secrecy laws
  • Lack of transparency in reporting suspicious transactions
  • Inadequate powers of supervisors
  • Regulation and supervision of designated non-profit organizations

Ongoing Challenges

Furthermore, the assessment noted that Turkmenistan has not yet fully implemented measures to prevent the misuse of cash couriers and has limited international cooperation on mutual legal assistance and extradition.

Commitment to Improvement

Despite these challenges, the assessment acknowledged that Turkmenistan has made significant progress in recent years and has demonstrated a commitment to improving its financial crime enforcement regime. The country’s authorities have taken steps to strengthen their institutions and improve cooperation with other countries, including signing agreements for mutual legal assistance and information exchange.

Roadmap for Improvement

Overall, while there is still much work to be done, the assessment provides a clear roadmap for Turkmenistan to address these weaknesses and continue to improve its financial crime enforcement agencies.