An OSCE-supported seminar on best practices in anti-money laundering (AML) and countering the financing of terrorism (CFT) in the sector of designated non-financial businesses and professions (DNFBP) took place in Ashgabat from 10 to 11 June 2019.
The event was organized by the OSCE Centre in Ashgabat, jointly with the Ministry of Finance and Economy of Turkmenistan and its Financial Monitoring Service.
The aim of the seminar was to enhance the participants’ understanding of international legislative provisions and standards ensuring the effectiveness of internal control rules for the DNFBP sector as well as to share best practices of interagency co-operation in the area.
Representatives from the Ministry of Finance and Economy of Turkmenistan and its Financial Monitoring Service, law-enforcement and supervisory bodies, DNFBP entities and other relevant agencies of Turkmenistan discussed Turkmenistan’s national system and international standards of anti-money laundering and countering terrorism financing.
An international expert from Lithuania highlighted the significance of control over designated non-financial businesses and professions as a mechanism for ensuring effective countering of money laundering and terrorism financing and presented key indicators of the efficiency of control in the system of AML/CFT.
Risk assessment and the use of a risk- based approach were also among the topics of the seminar. The seminar participants analyzed practices of conducting national risk assessment in financial and non-financial sectors and the modalities of co-ordination and co-operation with DNFBP as a source of and recipient of information.
The seminar also addressed ways of increasing the preventive role of non-financial businesses and professions and enhanced due diligence of customers as well as best practices in identifying beneficiaries and politically exposed persons and risk reduction in AML/CFT.
The participants emphasized the importance of interagency and international co-operation for efficient AML/CFT in the sector of designated non-financial businesses and professions.