Turkmenistan joined the Eurasian group on combating money laundering and financing of terrorism

Turkmenistan became a EAG member state as the result of 12th Plenary meeting in June. Membership in the EAG has given Turkmenistan a major opportunity to actively collaborate with the FATF and other countries and international organizations engaged in AML/FT.

Status of a EAG member state has a crucial importance for the country given that in February 2010 Turkmenistan was included in the FATF Public Statement. High level FATF/EAG mission visited Turkmenistan in April in order to assess its national AML/CFT regime and suggest recommendations for its enhancement. Experts from Russia, USA, China and Switzerland took part in the mission. The Turkmenistani government showed political commitment to improve the national AML/FT system which was highly appreciated by the delegation. In particular, the progress of Turkmenistan in AML/FT was noted.

Turkmenistan has been cooperating with the EAG for three years. In November 2007 the President of the Republic Turkmenistan, Gurbanguly Berdymuhammedov, issued the decree on “Turkmenistan joining the EAG as an observer”. In a month, in December 2007, as the result of the 7th EAG Plenary meeting Turkmenistan was granted an observer status. It facilitated the country’s significant progress in enhancing its AML/FT regime.

Chronicle of events: legislation development and AML/FT system enhancement in Turkmenistan in 2009-2010

• On May 28, 2009 Turkmenistan adopted AML/CFT law 
• In June 2009 the Parliament of Turkmenistan adopted amendments to the national legislation in compliance with the AML/CFT law 
• On January 15, 2010 the national FIU – Financial monitoring department under the Ministry of Finance of Turkmenistan was established. Turkmenistan adopted necessary laws and bylaws regulating activities of the Financial monitoring department 
• In April 2010 high level FATF/EAG mission visited Turkmenistan
• 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
• On June 2, 2010 as a result of the 12th EAG Plenary meeting Turkmenistan became a member of the EAG