FATF recognized Turkmenistan’s progress in improving its AML/CFT regime

Taking into account the progress of Turkmenistan in improving its AML/CFT regime and the fact that Turkmenistan joined the EAG in June, the FATF Plenary approved of removing the country from its public statement. Turkmenistan will remain under FATF monitoring in the framework of the on-going process of improving global AML/CFT compliance among other countries with strategic AML/CFT deficiencies which have developed an action plan with the FATF and provided a written high-level political commitment to address the identified deficiencies.

This language replaces all previous public statements made by the FATF regarding Turkmenistan.

Turkmenistan has been implementing necessary measures to enhance national AML/CFT legislation and institutional framework. Significant improvements have been made due to the achievement of the newly established Financial monitoring department under the Ministry of finance of Turkmenistan (national FIU) which was created on January 15, 2010.

In May 2010 Turkmenistan adopted amendments to the Criminal Code (in particular regarding the article on money laundering in compliance with Vienna and Palermo Conventions). An article on terrorist financing was also implemented due to FATF recommendations.
The EAG mutual evaluation of Turkmenistan will be held in November 2010. The results of the mission will impact the level of confidence in the nation’s financial system held by the international community, and the country’s investment appeal.

According to the EAG Executive Secretary Igor Nebyvaev, Turkmenistan’s membership in the Eurasian group will facilitate development of national AML/CFT regime in compliance with international standards and allow further integration of Turkmenistan in the international financial system.