Turkmenistan

New Documents

The Organization for Security and Co-operation in Europe announced that it organized an online training course with the United Nations Office on Drugs and Crime that aimed to strengthen Turkmenistan’s capacity to combat terrorist financing.

The Financial Monitoring Service of Turkmenistan highlighted the recent seminar on the country’s assessment by the Eurasian Group on the anti-money laundering and counterterrorist financing regime under Financial Action Task Force standards.

News

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Enforcement Actions

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Important Facts

  • The U.S. State Department identifies Turkmenistan as a major money laundering jurisdiction. The country is not an important regional financial center and has only five international banks and a small, underdeveloped domestic financial sector. The country's significant mineral wealth and natural gas resources are paid for through offshore accounts with little public scrutiny or accounting. Turkmenistan shares borders with Afghanistan and Iran, which contributes to potential laundering of proceeds from the trafficking and trade of illicit narcotics (primarily opium and heroin) as well as those derived from domestic criminal activities. Although there is no information on cash smuggling, gasoline and other commodities are routinely smuggled across the national borders. Two casinos operate in Turkmenistan and are managed by Turkish companies.
Source: 2018 International Narcotics Control Strategy Report (INCSR)
  • KYC Covered Entities: Banks, money exchangers, and money remitters; postal service operators; leasing companies; securities brokers and intermediaries; insurance institutions; portfolio and asset managers; precious metals and stones dealers; accountants, lawyers, notaries, and other legal professionals; real estate agents; lottery or gaming entities; charitable foundations; State registrars; and pawnshops
  • STR Covered Entities: Banks, credit institutions, money remitters, foreign currency dealers, and money exchangers; professional participants in the securities market, commodity exchanges and firms taking cash payments for investments; leasing organizations; insurance organizations; precious metals and stones dealers; accountants, lawyers, notaries, and other legal professionals; real estate agents; lottery or gaming entities; charitable foundations; and pawnshops
  • Enhanced Due Diligence Procedures for PEPs: Foreign: Yes; Domestic: Yes
  • Money Laundering Criminal Prosecutions/Convictions: Prosecutions: N/A; Convictions: N/A
Source: 2016 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i

Technical Effectiveness
Compliant : 5 High :
Largely Compliant : 12 Substantial :
Partially Compliant : 21 Moderate :
Non-Compliant : 9 Low :
Not-Applicable : 2

BASEL i

Rank : N/A
Score : N/A

TRANSPARENCY INTERNATIONAL i

Rank : 165/180
Score : 19/100

Tax Justice Network i

Rank : N/A
Score : N/A