Turkmenistan

Turkmenistan

Political and economic system

Turkmenistan is a democratic, constitutional and secular state with a presidential system of government. Large enterprises in the industrial, energy and transport sectors are state-owned.

Turkmenistan is an export oriented country. Having large reserves of natural gas and oil, the state is one of the most important exporters of fuel resources in Central Asia. Along with this, Turkmenistan is rapidly developing its agriculture, including animal husbandry.

The basis of the banking system of Turkmenistan consists of 6 state banks: State Bank for Foreign Economic Affairs of Turkmenistan, State Commercial Bank of Turkmenistan «Turkmenbashi», «Turkmenistan» State Commercial Bank of Turkmenistan, «Dayhanbank» State Commercial Bank of Turkmenistan, «Halkbank» State Commercial Bank of Turkmenistan, State Development Bank of Turkmenistan.
The national currency of Turkmenistan is manat.

National AML/CFT system

On 28 May 2009, Turkmenistan adopted the Law on «Combating Money Laundering and Financing of Terrorism» (as amended in 2015) and a number of legislative amendments. Since then a set of measures to harmonize legislation in accordance with international standards has been carried out. 

In particular, in May 2010, Turkmenistan adopted new amendments to the Criminal Code to bring it in line with the requirements of the Vienna and Palermo Conventions. According to the FATF recommendations an article was also introduced on criminal liability for the financing of terrorism.

On 15 January 2010, a financial intelligence unit was established - the Financial Monitoring Department of the Ministry of Finance and Economy of Turkmenistan, which was transformed into the Financial Monitoring Service at the Ministry of Finance and Economy of Turkmenistan on 5 October 2018. This FIU is of administrative type.

The purpose of the Service is to provide a legal mechanism for combating legalization of proceeds derived from crime, financing of terrorism and related crimes. The Service collects, processes and analyses financial intelligence and, if there are grounds related to ML/TF or predicate offences, transfers this information to the competent authorities for further action in accordance with the legislation of Turkmenistan.  

The Service is led by a chairman, who is appointed and dismissed by resolution of President of Turkmenistan. 

The Chairman of the Service is Halbayev Dovran.

Date of birth - 09.08.1985.

Education:

 in 2006 graduated from the Belgorod State Technological University named after V. G. Shukhov majoring in «World Economy»; in 2015 attended a training course at the Academy of State Service under the President of Turkmenistan. 

Work experience

2008 - 2011 -  held various positions at the Finance and Economy Department of the city of Ashkhabad.  

2011 - 2017 - chief specialist of the Tenders Division of the Treasury department; head of the Fuel and Energy Complex Financing Division of the Industry Department of the Ministry of Finance and Economy of Turkmenistan.

2017 – 2018-  head of the Bagtyyarlyk Etrap (District) Office of Finance and Economy Department of the city of Ashkhabad.

2018 - to present, Chairman of the Financial Monitoring Service at the Ministry of Finance and Economy of Turkmenistan.

Cooperation with the EAG

In June 2010, Turkmenistan joined the Eurasian Group on Combating Money Laundering and Financing of Terrorism by the decision of the 12th Plenary Session. Earlier, since December 2007, Turkmenistan had the status of an observer. 

Membership in EAG opened for Turkmenistan the opportunities for active participation in FATF (Financial Action Task Force) activities and cooperation with other countries and international organizations in the field of combating money laundering and terrorism financing. 

In spring 2010, a high-level FATF-EAG mission to Turkmenistan was held to study the state of the national AML/CFT system and develop recommendations for its development. Experts from Russia, USA, China and Switzerland took part in this work.

In 2010 – 2011, Turkmenistan underwent the EAG Mutual Evaluation procedure.

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