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OSCE seminar explores role of suspicious transaction analysis and financial investigation in combating money laundering and related crimes in Turkmenistan

Sharing advanced experience in the analysis of suspicious transactions reports (STR) and further financial investigation is the objective of an OSCE-organized online seminar that opened in Ashgabat on 15 July 2020. The two-day event will provide an overview of initial, operational and strategic analysis and financial investigation in efforts to combat money laundering, the financing of terrorism and the proliferation of weapons of mass destruction.

The seminar brings together representatives of the Ministry of Finance and Economy of Turkmenistan and its Financial Monitoring Department, law enforcement and supervisory bodies, entities engaged in transactions with cash or other property, and other relevant government and non-governmental agencies of Turkmenistan.

International experts will present best practices from OSCE participating States as effective methods and measures for STR analysis and further financial investigation. They will discuss the usage of relevant databases and typologies, as well as the application of a risk-based approach.

Addressing the seminar participants, Natalya Drozd, Head of the OSCE Centre in Ashgabat, said: “As strengthening economic security and promoting good governance are high on the OSCE agenda, the Organization is undertaking consistent steps to assist the participating States in countering money laundering and other related crimes. The OSCE Centre initiated a number of projects to provide multifaceted support to the government of Turkmenistan in promoting good governance and developing mechanisms, including in enhancing national legislation and its implementation practices in line with relevant international standards.”

The participants will discuss the activities of reporting entities, supervisory bodies, the private sector and the Financial Investigation Unit and their interaction with the law enforcement bodies in detecting transactions related to efforts to combat money laundering, the financing of terrorism and the proliferation of weapons of mass destruction. Special emphasis will be put on the advanced methods of financial analysis and investigation and the importance of exchanging analytical and financial data.

“Efficient analysis and investigation of financial crimes requires co-ordinated actions by different bodies and we expect this seminar to contribute to strengthened inter-agency co-operation in accomplishing this important objective,” added Drozd.