Financial Monitoring Service at the Ministry of Finance and Economy of Turkmenistan is the authorized state body for prevention of laundering (legalization) of proceeds and financing of terrorism. Newly established state body confirms effective steps goverment of Turkmenistan taking towards inplementation of the Conventions of the UN, resolutions of the UN General Assembly and the relevant resolutions of the UN Security Council.

Financial monitoring service at the ministry of Finance and economy of Turkmenistan (hereinafter referred to as the Service) is an administrative type of financial intelligence established by resolution of the President of Turkmenistan № 934 dated October 05, 2018.

The Service is guided in its activities by the Constitution of Turkmenistan, the Laws of Turkmenistan, acts of the President of Turkmenistan, resolutions of the Mejlis of Turkmenistan, resolutions and decisions of the Cabinet of Ministers of Turkmenistan and other normative legal acts of Turkmenistan, international agreements of Turkmenistan, and this Regulation.

In carrying out its activities, the Service cooperates closely with other state bodies and other government institutions and organizations, the competent authorities of foreign states and international and intergovernmental organizations in the area of combating proceeds derived from crime, financing of terrorism and the financing of proliferation of weapons of mass destruction. 

The Service is headed by a chairman, who is appointed and dismissed by resolution of President of Turkmenistan.

The legal basis for the activity of the Financial monitoring service at the ministry of Finance and economy of Turkmenistan is the Law of Turkmenistan

«On Anti-Money Laundering and Combating the Financing of Terrorism», as well as the regulation of the Service approved by the resolution of the President of Turkmenistan dated October 5, 2018.

The main tasks of the Service

• The main tasks of the Service are to:
• implement the state policy in the sphere of combating money laundering and the financing of terrorism;
• participate in the development of normative legal acts of Turkmenistan and submit proposals for their improvement;
• organize and coordinate measures on assessing national risks, as well as on mitigating and eliminating such risks;
• counteract the legalization of proceeds from crime and the financing of terrorism, coordinate the work of state bodies in this field, act as the coordinator of technical assistance and technical support projects of foreign governments and international organizations;
• create a unified information system and maintain a database in the field of combating the legalization of proceeds from crime and the financing of terrorism;
• interact and exchange information with competent authorities of foreign states in the field of combating the legalization of proceeds from crime and the financing of terrorism;
• represent Turkmenistan in international organizations engaged in countering the legalization of proceeds from crime and the financing of terrorism, organize and manage the implementation of commitments arising from international treaties of Turkmenistan;
• define a threshold amount for transactions that are stipulated in the law of Turkmenistan "On combating the legalization of proceeds from crime and the financing of terrorism" and are subject to mandatory control;
• ensure the confidentiality of the information received and the protection of the database maintained;
• approve training programs for reporting entities, organize courses for them, including with the involvement of international and foreign experts, define professional requirements for their employees, organize training in this field in Turkmenistan and abroad;
• solve other tasks within the scope of competences provided for by the legislation and international treaties of Turkmenistan, as well as recommendations of international organizations.
• Fulfillment within the limits of authority of other tasks provided for by law and by international agreements to which Turkmenistan is a party, as well as the recommendations of international organizations.

The Service, in accordance with its duties, performs the following functions:

• collect and process information on operations (transactions) with monetary funds and other assets subject to mandatory control;
• conduct analysis of the received information in accordance with the established procedure;
• coordinate activities of state bodies in the field of combating the legalization of proceeds from crime and the financing of terrorism;
• upon request of the criminal court, forward necessary information on transactions with monetary funds and other assets, subject to mandatory control, for resolution of cases in court proceedings;
• provide information on operations (transactions) subject to mandatory control at the request of law enforcement and other state bodies in accordance with the procedure established by the legislation of Turkmenistan;
• if there are grounds to believe that the operation (transaction) with monetary funds and other assets is connected with the legalization of proceeds from crime and the financing of terrorism, forward relevant information to the Prosecutor General's Office of Turkmenistan, which further assigns it to relevant law enforcement or other state agencies for taking a proceeding decision in accordance with their competences;
• participate in the development and implementation of international cooperation programs on combating the legalization of proceeds from crime and the financing of terrorism;
• organize the formation and maintenance of the database, as well as provide methodological unity and coordinated functioning of information systems in the field of combating the legalization of proceeds from crime and the financing of terrorism;
• develop and carry out measures to prevent violations of the legislation of Turkmenistan on combating the legalization of proceeds from crime and the financing of terrorism;
• harmonize the practice of applying the legislation of Turkmenistan on combating the legalization of proceeds from crime and the financing of terrorism, based on the information received from state bodies and other organizations, as well as develop and make proposals for its improvement;
• review international experience in combating money laundering and the financing of terrorism;
• carry out actions for re-training and professional development of personnel in the sphere of countering the legalization of proceeds from crime and the financing of terrorism;
• participate in the established procedure in the activities of international organizations, associations and other working groups in the field of combating the legalization of proceeds from crime and the financing of terrorism;
• subject to an agreement with the Central Bank of Turkmenistan, determine the list of offshore zones for the purposes of the law of Turkmenistan "On combating the legalization of proceeds from crime and the financing of terrorism»;
• submit a list of states and territories in which (on which) the disclosure or presentation of information on conducted financial transactions is not provided, or which do not participate in international cooperation in the field of combating the legalization of proceeds from crime and the financing of terrorism, based on the lists approved by international organizations engaged in combating the legalization of proceeds from crime and the financing of terrorism;
• approve the criteria for identifying suspicious operations and transactions;
• set a threshold amount for subjecting transactions to mandatory control with regard to transactions with real estate and other property subject to state registration, taking into account the nature and characteristics of the transaction;
• establish the procedure for determining the list of natural and legal persons involved in terrorism or extremist activities and communicating it to persons carrying out operations;
• list the countries with inadequate system, taking into account the documents published by the Financial Actions Task Force (FATF), and communicate the list to relevant state bodies;
• set up, in agreement with relevant state bodies, the list of documents necessary for customer due diligence by the types of persons carrying out operations;
• define the rules for submitting information on operations (transactions) subject to mandatory control by persons carrying out operations;
• jointly with the relevant state bodies, establish requirements on the internal control rules for the purpose of counteracting the legalization of proceeds from crime and the financing of terrorism, depending on the types of persons engaged in operations;
• approve, in coordination with relevant state bodies, the requirements for the persons performing operations, with regard to preparation and training of employees;
• draw up a list of individuals and legal entities related to the financing of terrorism and ensure its availability to persons carrying out operations;
• develop and implement measures to detect and prevent suspicious operations and transactions;
• within the scope of powers provided by the legislation for the purpose to combat money laundering and terrorism financing takes measures to suspend the transaction with cash and other property;
• develop and implement measures aimed at identifying suspicious transactions and operations and preventing them;
• develop and implement procedures on ensuring confidentiality of access to databases, safeguarding information, as well as persons working with them;
• introduce internal standards of work with the database and documents of confidential nature;
• carry out the implementation of international standards on countering the legalization of proceeds from crime and the financing of terrorism, as well as recommendations, guidance and decisions of the Financial Actions Task Force (FATF);
• create and maintain an automated system of accounting, processing and analyzing information on operations and transactions subject to mandatory control;
• in accordance with the established procedure, take part in the development and implementation of international cooperation programs, international conventions, and submit proposals for the conclusion of treaties on the exchange of information;
• organize and manage the implementation of obligations arising from international treaties of Turkmenistan;
• take part in drafting normative legal acts of Turkmenistan on issues related to combating the legalization of proceeds from crime, the financing of terrorism and predicate offences;
• develop, approve and implement norms and standards of work, guidelines, programs and other documents;
• execute other powers provided for by the laws of Turkmenistan. Implement other tasks related to the performance the functions of the Service.