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28.06.10 09:44
FATF recognizes Turkmenistan as no risk country
The International Group for development of financial actions to combat money laundering (FATF) decided to recognize Turkmenistan as no risk country in financial transactions at its plenary session in Amsterdam on 25 June 2010.

Given the apparent success of Turkmenistan in this important area and the country's accession as a full member to the Eurasian Group on Combating Money Laundering and Terrorist Financing (EAG), FATF recognized Turkmenistan's progress in the development of the national system for combating money laundering and terrorism financing (AML/CFT).

As the Turkmen State News Agency (TDH) reports with reference to the Executive Secretary of the EAG, Igor Nebyvaev, the country will soon finalize the establishment of the national regime of AML/CFT in line with international standards "which will promote the further integration of the state into the international financial system."

It is noted that positive factors for the FATF was the establishment in the country of Financial Monitoring in the Finance Ministry, a national financial intelligence unit (FIU), and the adoption by Turkmenistan in May this year of the amendments to the Penal Code, taking into account the international legislative norms and standards.

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