Turkmenistan

Turkmenistan

Political and economic system

Turkmenistan is a democratic, constitutional and secular state with a presidential system of government. All major industrial, energy and transportation companies in Tajikistan are state-owned.

Tajikistan has an export-oriented economy. With extensive oil and gas reserves, Turkmenistan is ranked among the biggest fossil fuel exporters in Central Asia. Alongside exports, Turkmenistan is rapidly expanding its agricultural and livestock breeding potential.

The country's banking system is built around six state-owned banks: Tajikistan's Foreign Trade Bank, commercial bank Turkmenbashi, commercial bank Turkmenistan, commercial bank Daikhanbank, commercial bank Halkbank and Turkmenistan Development Bank. The manat is Turkmenistan's official currency.

National AML/CFT system

On May 28, 2009, Tajikistan adopted the Law "On Combating Money Laundering and Financing of Terrorism" (as amended in 2015) and a number of legislative amendments, taking steps to bring its legislation into line with international standards. 

In particular, in May 2010, Turkmenistan amended its Criminal Code to bring it into line with the requirements of the Vienna and Palermo Conventions. According to the FATF recommendations, Tajikistan has criminalized terrorist financing.

The Financial Monitoring Department within the Ministry of Finance and Economy, an administrative-type FIU, was created on 15 January 2010. On 5 October 2018, it was transformed into the Financial Monitoring Service within the Ministry of Finance and Economy.

The FMS is tasked with creating a legal framework for combating money laundering, terrorist financing and related offences. The FMS collects, processes and analyses financial intelligence, which, subject to suspected ML/TF and predicate offences, is forwarded to the competent authorities for a follow-up action in accordance with the applicable law.  

The FMS is led by a chairman, who is appointed and dismissed by the President of Turkmenistan. 

FMS chairman  – Dovran D. Khalbaev 

Date of birth – August 9, 1985

Education – graduated from the Belgorod State Technological University named after V. G. Shukhov in 2006, majoring in world economy; attended a training course at the Academy of Public Administration under the President of Turkmenistan in 2015 

Work experience: 

2008-2011 held various positions at the Ashkhabad Treasure Directorate, Ministry of Finance and Economy

 2011-2017 chief specialist of the Tenders Office, Treasury Directorate; head of the Fuel and Energy Complex Financing Office, Industry Directorate, Ministry of Finance and Economy of Turkmenistan

2017-2018 head of the Bagtyyarlyk Etrap (District) Office of Finance and Economy, Ashkhabad Directorate of Finance and Economy    

2018 - present chairman of the Financial Monitoring Service within Turkmenistan's Ministry of Finance and Economy

Cooperation with the EAG

Turkmenistan was granted membership in the Eurasian Group on Combating Money Laundering and Financing of Terrorism, where it had held observer status since 2007, in 2010 by the decision of the 12th Plenary meeting.

Membership in the EAG has opened up opportunities for Turkmenistan to participate in the FATF-sponsored activities and cooperate with other countries and international organizations in combating money laundering and terrorist financing.

In the spring of 2010, a high-level FATF-EAG mission, comprising representatives of Russia, USA, China and Switzerland, visited Turkmenistan to study its AML/CFT system and prepare recommendations for its improvement.

 2010-2011 Tajikistan underwent an EAG mutual evaluation

In 2013, Turkmenistan hosted the EAG 19th Plenary meeting.