Ashgabat Holds Discussions on Fighting Money Laundering, Financing of Terrorism

BUSINESS TURKMENISTAN
Ashgabat Holds Discussions on Fighting Money Laundering, Financing of Terrorism
The consultations were held in the framework of the national preparations to the Mutual Assessment by Eurasian group on combating money laundering and financing of terrorism (EAG).

Ministry of Finance and Economy of Turkmenistan on Wednesday hosted online consultations on combating money laundering and financing of terrorism.

Particularly, International consultant Svetlana Poddubskaya held consultations on the “First Draft Technical Report compliance with the national system of Turkmenistan in combating money laundering and the financing of terrorism” in the framework of the national preparations to the Mutual Assessment by Eurasian group on combating money laundering and financing of terrorism (EAG).

The participants considered the process of mutual assessment according to the FATF (Financial Action Task Force) method, including the issues of technical correspondence of the legislation to the FATF standards, understanding of relevant risks, transparency of legal entities and establishments, and supervision in the private sector.

The sides also exchanged views on the international cooperation in the area of combatting money laundering and financing of terrorism, financial target sanctions, and on the supervision in the field of established nonfinancial entities and professions.

In addition to consultations, the experts also gave comments and suggestions on the draft report.

The consultations gathered representatives of various ministries and state entities of Turkmenistan, including the Ministry of Finance and Economy, Ministry of Foreign Affairs, Central Bank, State Committee for Statistics, State Commodity and Raw Materials Exchange, the State Customs Service, and postal organizations, providing money transfer services, and representatives of the OSCE Center in Ashgabat.