Turkmenistan, Ashgabat, January 26 / Trend , G.Hasanov /
The creation of the Financial Intelligence Unit (FIU) under the Turkmenistan Ministry of Finance is a crucial step to enhance the effectiveness of cooperation of the Eurasian countries in this field, the press release of the Eurasian group on combating money laundering and financing of terrorism (EAG) said referring to the EAG Executive Secretary Igor Nebyvaev.
The Eurasian group on combating money laundering and financing of terrorism (EAG) is a FATF-style regional body uniting Belarus, Kazakhstan, China, Kyrgyzstan, Russia, Tajikistan, and Uzbekistan. Turkmenistan is an observer in the EAG.
Turkmenistan earlier announced the establishment of financial monitoring department, the activity of which corresponds to the earlier law on combating legalization of profits from crime and the financing of terrorism.
The press release says that the EAG experts rendered Turkmenistan assistance in the creation of the FIU. In April 2009 a high level EAG Mission to Turkmenistan took place which was headed by Valeriy Yaroshevsky, the EAG Deputy Chairman and Director of the Financial Monitoring Department of the State Control Committee of Belarus.
The EAG supports countries in the region to create an appropriate legal and institutional framework combating money laundering and terrorist financing in line with FATF standards.
As part of these efforts, the EAG mutually evaluates the national AML/CFT systems of its member states for compliance with international standards, analyzes money laundering and terrorist financing typologies taking into account the specifics of the Eurasian region, and implements technical assistance programs for Group member states, including staff training.