Turkmenistan Turkmenistan

New Documents

OSCE Presents AML/CTF NRA Prepared in Cooperation with Turkmenistan Ministry

The Organization for Security and Co-operation in Europe and the Ministry of Finance and Economy of Turkmenistan presented the Second National Risk Assessment on anti-money laundering, counterterrorist financing, and the financing of proliferation of weapons of mass destruction in the country.

May 14, 2021

OSCE, UNODC Organize Online Training Course on Emerging Terrorist Financing Risks

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.

June 19, 2020

Turkmenistan FMS Holds Seminar on AML/CTF Assessment

March 3, 2020

OSCE Supports Seminar on AML Measures in Turkmenistan

October 13, 2017

Central Bank of Armenia Signs MoU with Turkmenistan’s Ministry of Finance on AML/CTF Cooperation

August 25, 2017

News

0 Items Found

Enforcement Actions

0 Items Found

Key Documents

Turkmenistan Releases Revised AML/CTF Act

October 11, 2011

Turkmenistan Criminalizes Terrorist Financing

August 15, 2003

Turkmenistan Establishes Nation's Financial Intelligence Unit

January 15, 2010

Turkmenistan Regulator Obligates Banks to Develop AML/CTF Measures

February 17, 2011

Turkmenistan Requires Development of AML/CTF Internal Controls

June 9, 2011

Turkmenistan Regulates Submission of Required Financial Information

February 25, 2010

Turkmenistan Regulates Dissemination of Sanctions Lists

November 3, 2011

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 | 2013 Methodology

Technical Effectiveness
Compliant : 7 High : 0
Largely Compliant : 20 Substantial : 4
Partially Compliant : 10 Moderate : 6
Non-Compliant : 0 Low : 1

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