Ashgabat, Turkmenistan, April 14
By Huseyn Hasanov- Trend:
Representatives of the Financial Intelligence Unit of Turkmenistan, as well as law enforcement, financial and supervisory bodies discussed the importance of verifying customers' identity (Customer Due Diligence "CDD") for preventing and combating money laundering and terrorism financing at an OSCE-organized workshop that concluded in Ashgabat April 14, the OSCE said.
The three-day event presented methods of undertaking customer due diligence measures and applying a risk-based approach (RBA) in accordance with 40 Financial Action Task Force (FATF) Recommendations on combating money laundering and the financing of terrorism and proliferation.
The workshop participants discussed real cases and examples of low and high-risk customers; applying CDD measures for legal and natural persons, as well as circumstances that increase or decrease that risk.
"Customer due diligence is the essential measure for ensuring the effectiveness of anti-money laundering and counter-terrorism financing system," said Richard Wheeler, Officer-in-Charge of the OSCE Centre in Ashgabat.
"These activities are part of our successful cooperation with the Good Governance Resource Centre established in 2014 in the premises of the Finance Ministry of Turkmenistan with the Centre's support," Wheeler said.
"We organized these events to help representatives from relevant institutions enhance their understanding of how to mitigate the risks of money laundering and financing of terrorism in accordance with FATF standards," he said.
The workshop will be followed by a roundtable discussion which will bring together members of the Interagency working commission on combating the legalization of proceeds obtained by illegal means and financing of terrorism under the Finance Ministry and other relevant
national stakeholders.
The one-day event will focus on the outcomes of the workshop on CDD and will discuss national anti-corruption policies and mechanisms, as well as the development of the anti-corruption system of Turkmenistan.