The EAG will assess the effectiveness of the Turkmen Anti-Money Laundering System

The EAG will assess the effectiveness of the Turkmen Anti-Money Laundering System

In September of the current year, the Eurasian group on anti-money laundering and the financing of terrorism (AML/FT) will conduct a mutual assessment of the national system of Turkmenistan for compliance with the recommendations of the FATF – group on developing financial measures to control money laundering. This is a complex and labor-intensive process, as the country must demonstrate not only technical compliance with the recommendations, but also show the effectiveness of the policy pursued.

In this regard, Ashgabat hosted a seminar on preparation for the EAG mutual assessment, held by the Ministry of Finance and Economy of Turkmenistan together with the OSCE Center in Ashgabat. The meeting is attended by representatives of a number of Turkmen ministries, departments, non-profit organizations and the private sector of the country’s economy.

The system of mutual assessments is based on a special FATF methodology and is aimed at reducing threats of international terrorism, ensuring security and transparency of financial systems.

“All OSCE member states recognize that corruption and money laundering deprive countries of the ability to effectively ensure sustainable economic development, undermine social cohesion, stability and security. Within the framework of its mandate, the OSCE Center in Ashgabat takes concrete measures to support the prevention and suppression of money laundering and terrorist financing, and assists Turkmenistan in fulfilling international obligations and FATF recommendations,” said Ivana Markovic Boskovic, acting head of the OSCE Center in Ashgabat.

Within three days, OSCE experts Svetlana Poddubska and Igoris Krzechkovskis will tell about the process of mutual assessment, the organizational working peculiarities, as well as the difficulties that each country may face.

The seminar will last until February 28, after which a round table will be organized to discuss its results.

Aina BERDYEVA