Turkmenistan: Presentation of the Council of Europe Methodology on Sectoral Money Laundering and Terrorism Financing Risk Assessment related to Virtual Assets

Promoting transparency and action against economic crime

Over the recent years the countries of Central Asia have pursued reforms designed to prevent and punish corrupt practices in order to improve business climate in the region and promote sustainable economic development for the benefit of all. The present Action aims to contribute to improving the conditions for businesses and to enhancing the quality of anti-corruption systems across the region. The Action comprises two components: 1) Business integrity and compliance; 2) Anti-corruption, anti-money laundering and asset recovery systems.

Business integrity and compliance

Enhancing transparency, business integrity and the protection of rights of entrepreneurs is one of the priorities of the countries of the Central Asian region. The current Action focuses on establishing mechanisms and enhancing capacities to address extortion and solicitation from businesses, reducing administrative barriers and enhancing compliance across the business sector. On the regional level, the aim of the intervention is to establish effective mechanisms for sharing good practices and to contribute to developing a clearer understanding of the common regional and cross-border corruption risks facing the business sector. On the national level, the Action focuses on the specific priorities of the respective countries in the abovementioned thematic areas and seeks to provide tailor-made assistance to reforms.

Anti-corruption, anti-money laundering and asset recovery systems

Work in this area concentrates on improving mechanisms and capacities of authorities, including law enforcement, to prevent and tackle corruption, money laundering and economic crime as well as on strengthening national systems to combat money laundering and terrorism financing. The regional dimension of the component includes conducting studies on corruption and economic crime focusing on specific regional risks and threats, and regional cascade training programmes for law enforcement personnel and civil service staff. The national dimension focuses on the specific needs and demand, depending on the national contexts and reform processes.

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Turkmenistan: Presentation of the Council of Europe Methodology on Sectoral Money Laundering and Terrorism Financing Risk Assessment related to Virtual Assets

During a seminar organised on 31 August 2022, Turkmen authorities were introduced to the Council of Europe Methodology for Sectoral Money Laundering and Terrorism Financing Risk Assessment of Virtual Assets (VAs) and Virtual Assets Service Providers (VASPs).

Representatives of the Central Bank, Ministry of Finance and Economy of Turkmenistan, Financial Monitoring Service (FIU) at the Ministry of Finance and Economy, Ministry of Internal Affairs, General Prosecutor’s Office, and Ministry of Foreign Affairs of Turkmenistan, participated in the webinar. Participants gained knowledge about specific methodological instruments developed by the Council of Europe to assist beneficiaries in conducting risk assessments to counter money laundering and terrorism financing.

Turkmen representatives expressed their interest in learning more about hands-on experience in the application of the Methodology by other countries, and inquired about the possibility of further in-depth co-operation with the Council of Europe in the area of preventing and combating money laundering/terrorist financing (ML/TF) related to VAs and VASPs. The Action “Promoting Transparency and Action against Economic Crime” of the Programme will further support the authorities by providing specific expertise and organising tailor-made activities according to authorities’ practical needs.

The representative of the European Union Delegation to Turkmenistan emphasized that implementation of the knowledge gained and transferred through this process will further contribute to promoting business integrity, fighting corruption and preventing the abuse of digital and virtual assets for money laundering/ terrorism financing.

The webinar was conducted within the framework of the Action “Promoting Transparency and Action against Economic Crime” which focuses on strengthening authorities’ capacities in the region to fight and prevent economic crime and corruption, based on regional priorities, as well as priority areas of the countries concerned. The Action is implemented as part of the “Central Asia Rule of Law Programme 2020–2023” which is a joint initiative co-funded by the European Union and the Council of Europe and implemented by the Council of Europe.

WEBINAR 31 AUGUST 2022