21 July, 2023
The 38th Plenary Meeting approved the report and the executive summary of the mutual evaluation of Turkmenistan within the framework of the EAG second round of mutual evaluations.
Turkmenistan has a strong legal framework for combating money laundering and terrorist financing, and has demonstrated a substantial level of effectiveness in implementing the national AML/CFT/CPF policy, understanding the existing ML/TF risks, confiscating proceeds of crime in criminal proceedings, the country has an effective system for preventing and combating TF, and has the necessary legal and institutional mechanisms for international cooperation.
In order for Turkmenistan to make further progress in improving its effectiveness, it is recommended that the country pay more attention to ensuring a common understanding of ML/TF risks among all participants in Turkmenistan's anti-money laundering system, strengthening the work of relevant authorities in analysing STRs and information exchange, as well as prioritising investigations of predicate offences and ML. Turkmenistan also needs to improve risk-based supervision, taking into account the identified ML/TF risks and the results of the national risk assessment, further improve the legal and regulatory framework and its implementation practices to ensure full compliance with the ratified international AML/CFT/CPF conventions, as well as pay due attention to ensuring comprehensive statistical data management, improving the TFS mechanism and practices, in order to ensure the application of TFS without delay.
The Turkmenistan Mutual Evaluation Report has undergone a quality and consistency review in the FATF global network and is published on the EAG website.