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What is Financial Crime in Turkmenistan?

Turkmenistan has faced significant challenges in combating financial crime in recent years. According to ratings that reflect a country’s implementation of technical requirements for preventing money laundering and terrorist financing, Turkmenistan has made some progress but still faces several areas of concern.

Risk Assessment and Application of a Risk-Based Approach

One area where Turkmenistan needs improvement is its risk assessment and application of a risk-based approach to prevent financial crime. While the country has implemented measures to assess risks, it lacks sufficient transparency and consistency in its approach.

National Cooperation and Coordination

Turkmenistan also lags behind in national cooperation and coordination among its agencies responsible for combating financial crime. A lack of coordination and information sharing between these agencies hinders effective implementation of anti-money laundering (AML) and counter-terrorist financing (CFT) measures.

Laws and Regulations on Money Laundering Offenses

The country’s laws and regulations on money laundering offenses are adequate, but there is a need to strengthen confiscation and provisional measures to effectively combat financial crime.

Handling of Terrorist Financing Offenses

Turkmenistan has been criticized for its handling of terrorist financing offenses, with some critics arguing that the country’s legal framework does not adequately address this issue. Additionally, the country’s targeted financial sanctions related to terrorism and terrorist financing are limited and do not fully align with international standards.

Regulation and Supervision of Non-Profit Organizations

In terms of non-profit organizations, Turkmenistan needs to improve its regulation and supervision of these entities to prevent their misuse for financial crime.

Financial Institution Secrecy Laws

Another area of concern is the country’s financial institution secrecy laws, which provide a loophole for money launderers and terrorists to hide their illegal activities. Customer due diligence and record-keeping requirements are also lacking in some cases.

Targeting Politically Exposed Persons (PEPs)

Turkmenistan has made progress in implementing measures to target PEPs, but more needs to be done to effectively prevent their misuse.

Correspondent Banking, Wire Transfers, and Reliance on Third Parties

Correspondent banking, wire transfers, and reliance on third parties are all areas where Turkmenistan can improve its AML/CFT measures.

Reporting of Suspicious Transactions

The country’s reporting of suspicious transactions is also an area that requires improvement. Tipping-off and confidentiality requirements need to be strengthened to ensure effective implementation of AML/CFT measures.

Conclusion

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In conclusion, while Turkmenistan has made some progress in combating financial crime, there are still several areas where the country needs to improve its laws, regulations, and practices to effectively prevent money laundering and terrorist financing.