Turkmenistan

Politics and economy

Turkmenistan is a presidential republic. Large companies in heavy industry, agriculture, electrical power, transportation and telecommunications are state owned.

Turkmenistan is an export-oriented country. Having large reserves of natural gas (15-20 trillion cubic meters) and oil (1.5-2.0 billion metric tons), the country is one of the largest exporters of hydrocarbons in Central Asia.

Underlying Turkmenistan's banking system are 4 state-owned banks—Vnesheconombank, Turkmenistan, Turkmenbashi and Daikhanbank. The national currency of Turkmenistan is the manata.

National AML/CFT regime

On 28 May 2009 Turkmenistan adopted the Law "On Combating the Legalization of Criminal Income and Terrorist Financing"(ver. 2015) as well as a number of amendments to existing laws. Since then, the country has taken steps to harmonize its laws with international standards.

In particular, in May 2010, Turkmenistan adopted new amendments to its criminal code to bring it into compliance with the Vienna and Palermo conventions. As recommended by the FATF, the country has also introduced an article on criminal penalties for terrorist financing.

The Financial Monitoring Department of the Ministry Finance of Turkmenistan, an administrative-type financial intelligence unit, was created on 15 January 2010.

The Financial Monitoring Department is tasked with supporting the legal mechanism for combating the legalization of criminal income, terrorist financing and the crimes associated with them.

Turkmenistan’s Minister of Finance in consultation with the Cabinet of Ministers appoints and dismisses the head of the office. The Head of the Financial Monitoring Department of the Ministry of Finance of Turkmenistan is Mr. Rakhimberdy Nuriyev.

RAKHIMBERDY A. NURIYEV

Born on October 3, 1981 in Ashgabat (Turkmenistan).

Graduated from the Financial and Economic College (2003) and the International Turkmen-Turkish University (2009).

2009-2011 – Chief Specialist of the Consolidated Budget Division of the Main Financial Department for Ashgabat of the Ministry of Finance of Turkmenistan;

2011-2017 – held the positions of State Tax Inspector, Chief State Tax Inspector and Head of the Department of International Relations of the Main State Tax Service of Turkmenistan;

From February to July 2017 – Deputy Head of the Main State Tax Service of Turkmenistan (Councilor of the 2nd class);

From July to August 2017 – Deputy Head of the Tax Administration of the Ministry of Finance of Turkmenistan (the successor to the Main State Tax Service of Turkmenistan);

From August 7, 2017 – Head of the Financial Monitoring Department of the Ministry of Finance of Turkmenistan.

Cooperation with the EAG

Turkmenistan joined the Eurasian group on combating money laundering and financing of terrorism in June 2010 by a decision of the 12th Plenary meeting.

Beginning in December 2007, Turkmenistan had enjoyed observer status in the organization.

Membership in the EAG allows Turkmenistan to actively participate in the work of the Financial Action Task Force (FATF) in collaboration with other countries and international organizations in the area of combating money laundering and terrorist financing (AML/CFT).

In the spring of 2010, a FATF–EAG high-level mission was held in Turkmenistan in order to asses the state of the country's AML/CFT regime and to devise recommendations for its development. Experts from Russia, the United States, China and Switzerland took part in the mission.

The EAG conducted a mutual evaluation of Turkmenistan in 2010-2011.

The 19th EAG Plenary meeting was held in Turkmenistan in 2013.

Authorization

    Upcoming events

    EAG in the news

    03.10.2017
    Participation in the MONEYVAL Plenary The interagency government delegation – led by Rosfinmonitoring and comprised of representatives of the Russian Foreign Ministry, Finance Ministry, Federal Security Service and the Bank or Russia – took part in the meeting of the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and Financing of Terrorism (MONEYVAL), held in Strasbourg on September 26-28
    25.09.2017
    III International seminar "Effective supervision as a mechanism for ensuring transparency and stability of the financial system" was conducted in Moscow On September 20-21, III International seminar "Effective supervision as a mechanism for ensuring transparency and stability of the financial system" was conducted in Moscow
    22.09.2017
    Following the seminar on "Best Practices and International Standards on Preventing the Abuse of NPOs for the Purpose of Terrorist Financing" On September 20, 2017, in Astana, the Financial Monitoring Committee of the Ministry of Finance of the Republic of Kazakhstan, in conjunction with the OSCE Programme Office in Astana, conducted a training seminar on "Best Practices and International Standards on Preventing the Abuse of Non-profit Organizations (NPOs) for the Purpose of Terrorist Financing"
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