Turkmenistan adopts AML/CFT legislation

Turkmen President Gurbanguly Berdymukhamedov signed the law “On anti-money laundering and combating the financing of terrorism” which was prepared by the national Parliament on his request.

The adoption of the legislation is a crucial step in building a national AML/CFT system in Turkmenistan.

In the framework of its latest Plenary session held in February in Paris, the FATF expressed its concern regarding Turkmen progress in developing the national AML/CFT regime. The EAG, of which Turkmenistan is an observer, supported by the Russian delegation, persuaded the FATF not to implement sanctions against Turkmenistan.

A high level EAG Mission to Turkmenistan was held in April, which comprised the heads of the Belarusian, Kyrgyz, Russian and Uzbek FIUs as well as representatives of the Chinese FIU and the US Treasury Department.

In the course of the Mission Turkmenistan confirmed its willingness to strengthen efforts to create a national AML/CFT system complying with international standards. The EAG expressed its readiness to continue providing Turkmenistan with necessary advisory and technical assistance aimed at AML/CFT.