LAW OF TURKMENISTAN

of March 13, 2021 No. 335-VI

About counteraction of legalization of income gained in the criminal way, to financing of terrorism and financing of distribution of weapons of mass destruction

(new edition)

This Law determines the legal basis of counteraction of legalization of income gained in the criminal way, to financing of terrorism and financing of distribution of weapons of mass destruction governs legal relations of persons performing transactions or transactions with money or other property, authorized body and other state bodies in this sphere.

Chapter I. General provisions

Article 1. Basic concepts

For the purposes of this Law the following basic concepts are used:

1) income gained in the criminal way - the money or other property acquired as a result of making of socially dangerous act;

2) property (means) - assets of any sort, tangible or intangible, material or non-material, movable or immovable, and also irrespective of method of their acquisition and the location, and equally legal documents or acts in any form, including in electronic or digital, the certifying rights or interests to such assets or participation in them, including bank loans, travel checks, bank checks, postal orders, letters of credit, shares, bonds, bills of exchange and other payment instruments and securities, include interest, whether it be complete or partial, in any such property;

3) legalization of income gained in the criminal way - making of financial transactions or other transactions with the money or other property acquired in the illegal way, and use of the specified money or property for implementation of business or other economic activity, transformation or their transfer to other form, and also concealment or concealment of illegal origin of this money or property for the purpose of giving of legal nature to ownership, use and the order them, or generation of profit or other benefit from these actions is equal;

4) terrorism financing - the collection or provision made directly or indirectly or other in any manner, cash, material and other means or rendering financial services for the purpose of their use or with understanding that they will be fully or partially used for implementation of act of terrorism, by the terrorist, terrorist group or the terrorist organization, and is equal action (failure to act) for ensuring the activities connected or not connected with act of terrorism, the terrorist of terrorist group, the terrorist organization or organized group, illegal armed group or criminal society created for achievement of these purposes;

5) financing of distribution of weapons of mass destruction - the collection or provision of money and other property made directly or indirectly or any different way for the purpose of production, acquisitions, movements, concealments, storages, sale, use of weapons of mass destruction (nuclear, chemical, biological, and also other types of weapon of mass defeat);

6) transaction or the transaction with money or other property - the actions of physical persons and legal entities with money or other property irrespective of form and method of their implementation directed to establishment, change or the termination of the related civil laws and obligations;

7) suspicious transaction or the transaction with money or other property (further - suspicious transaction) - transaction or the transaction of the client, including attempt of making of such transaction or the transaction, the transaction or the transaction which is in process of making either already committed transaction or the transaction concerning which there are suspicions that the money and other property used for its making are the income from criminal activities either transaction or the transaction is directed to legalization of income gained in the criminal way, financing of terrorism and financing of distribution of weapons of mass destruction or other criminal activities;

8) authorized body - the state body authorized on holding the relevant activities directed to implementation of the state policy connected with counteraction of legalization of income gained in the criminal way, to financing of terrorism and financing of distribution of weapons of mass destruction - Service of financial monitoring under the Ministry of Finance and Economy of Turkmenistan;

9) internal control - set of the measures performed on identification of operations or transactions with money or other property which can be connected with legalization of income gained in the criminal way, financing of terrorism and financing of distribution of weapons of mass destruction from persons performing transactions with money or other property;

10) the beneficial owner - the physical person which eventually directly or indirectly (through the third parties) owns (more than 25 percent in the capital have the prevailing participation) the client legal entity or has opportunity to control actions of the client. The beneficial owner of the client physical person this person, except as specified, is considered if reasons to believe are had that beneficial owner is other physical person;

11) the beneficiary - the physical person or legal entity (persons), in interests (in advantage) which is effective the participant of transaction or the transaction, acquiring benefit based on the insurance, agency agreement, agreements of the order, the commission and trust management, when carrying out transactions or transactions with money or other property;

12) business relations - the cooperation established based on the document or without document within the certain term directed to achievement of particular purpose;

13) bank screen - the bank registered and (or) licensed for implementation of banking activity in the states and in the territories in which it has no physical presence and which is not affiliated with any regulated financial group which is under effective supervision of these states and the territories;

14) mandatory control - set of measures for collection, processing, the analysis and use of data on the transactions or transactions with money or other property performed by the authorized body and person performing transactions with money or other property according to this Law;

15) offshore zone - zone with especially favorable conditions established by the state for servicing of nonresidents concerning implementation of banking, insurance and other activities and transactions, the preferential taxation or registration of legal entities;

16) the country with inadequate system - the country which does not carry out or in insufficient degree implements recommendations of Group of development of financial measures of anti-money laundering (FATF);

17) the public official - foreign public official, the national public official, the official of the international organization;

18) risks assessment - determination and risk assessment of legalization of income gained in the criminal way, financings of terrorism and financing of distribution of weapons of mass destruction according to the established procedures of risk management (identification, assessment, monitoring, control, decrease in risk degree);

19) risk - the oriented approach - general procedure, being guided by which supervision bodies according to own understanding of risks is effectively distributed by resources for execution of supervision and application of riskoriyentirovanny approach by supervisory authorities for the purpose of counteraction of legalization of income gained in the criminal way, to financing of terrorism and financing of distribution of weapons of mass destruction;

20) the analysis - information analysis, and also other data connected with crimes on the legalization of income gained in the criminal way, to financing of terrorism and financing of distribution of weapons of mass destruction connected with the suspicious transactions, transactions or transactions which are subject to mandatory control according to this Law;

21) identification - package of measures for establishment specified (specified) in this Law of information (information) about clients, their representatives, beneficial owners and beneficiaries with use of originals of documents and (or) the copies certified in accordance with the established procedure, and also the state and other information systems;

22) fixation of information (data) - obtaining and storage of information and data for the purpose of execution of requirements of this Law;

23) cash and negotiable instruments to bearer - cash and other monetary instruments in anonymous form to bearer, such as travel checks, exchange tools (including checks, bills of exchange and cash orders) which can address without restrictions and can be written out addressed to the dummy receiver of payment or in such form which translates the right to it on receipt. To them the blank tools (including checks, bills of exchange and cash orders), signed, but treat without specifying of name of the receiver of payment;

24) competent authority of foreign state - the body of foreign state performing counteraction of legalization of the income received in the criminal way, to financing of terrorism and financing of distribution of weapons of mass destruction according to its legislation;

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info