Turkmenistan amends law on counteracting legalization of proceeds from crimes
Turkmenistan, Ashgabat, Oct. 7 / Trend H. Hasanov /
The Turkmen Parliament made a number of amendments to the law on "Counteracting legalization of proceeds from crimes and terrorist financing", the Parliament told Trend on Friday.
According to the amendments, banks and other lending institutions entitled to open bank accounts may not establish direct correspondent relations with banks registered in offshore zones and their affiliates and subsidiaries or open accounts for banks-respondents.
This restriction is not used to establish direct correspondent relations with affiliates registered in offshore zones or parent organizations registered outside the offshore areas.
Moreover, banks must obtain complete information about the customer and include them in operations on money transfers to provide this information at all stages of transactions, as well as pay more attention to the money transfer operations without information about the owner.
Banks are obliged to consider the issue of ceasing relations and suspending all operations with correspondent banks, respondent banks and banks transferring money not performing the above-mentioned norms.
The law includes a number of additions.
Thus, legal and physical entities must pay special attention to business relations and transactions and deals with organizations and individuals from countries with inadequate systems, nor with their subsidiaries, affiliates and representatives or parent organizations registered in these countries.