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Turkmenistan amends law to prevent legalization of proceeds from crime and terrorist financing

Business Materials 12 October 2011 16:10

Turkmenistan, Ashgabat, Oct. 12 / Trend , H.Hasanov /

Amendments to the "Law on the prevention of legalization of proceeds from crime and terrorist financing" entered into force in Turkmenistan on Wednesday.

The document was undersigned by President Gurbangulu Berdimuhammedov and reads that hte "resolutions issued by the authorized bodies of foreign states in respect of persons with incomes obtained by criminal means, as well as participating in the legalization of the proceeds and terrorist financing, are recognized in accordance with law and international treaties of Turkmenistan."

Additionally, the specified revenues, funds or other assets can be fully or partially transferred to a foreign country, whose courts or competent authorities issued a decision on forfeiture or competent authorities which helped to identify the facts giving rise to forfeiture, on the basis of international treaties of Turkmenistan.

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