LAW OF TURKMENISTAN

of August 18, 2015 No. 261-V

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

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 with money or other property, authorized body and other state bodies in the sphere of counteraction of legalization of income gained in the criminal way, to financing of terrorism and financing of distribution of weapons of mass destruction.

Chapter I. General provisions

Article 1. The basic concepts used in this Law

In this Law the following basic concepts are used:

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

2) the property – 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 also includes legal or fair interests, 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 fully or partially will be

are used for implementation of act of terrorism, the terrorist or the terrorist organization, and 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 is equal;

5) predicate crime – the crime provided by the Criminal code of Turkmenistan as a result of which money and other property which making is obligatory sign of other crime are acquired and in relation to which it also is predicate;

6) transaction with money and other property – the actions of physical persons and legal entities with money and 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 with money and other property (further - suspicious transaction) – transaction of the client (including attempt of making of such transaction, the transaction which is in process of making or already committed transaction) concerning which there are suspicions that the money and other property used for its making are the income from criminal activities, or transaction is directed to legalization of income gained in the criminal way, terrorism financing, 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) financing of distribution of weapons of mass destruction – the collection or provision of cash and other means 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);

10) internal control – set of the measures performed on identification of operations (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;

11) the beneficiary – the physical person acquiring benefit, that is receiving money payments, the income and other benefits and benefits according to the agreement or the debt document.

Can be beneficiaries:

a) persons who gain income from the property which is in trust management or used by the third parties (letting or in lease of personal and real estate, share transfer in use to brokers, etc.);

b) receivers of the insurance payments appointed by the insurer, in this case the beneficiary it is specified in the insurance certificate policy. If the beneficiary specified in the insurance contract does not live up to approach of payments, person who inherited the rights becomes the beneficiary;

c) persons specified by bank, emitting bank as the owner of the documentary credit;

d) persons receiving pecuniary benefit from trust;

e) receivers of money in the collection;

a) receivers of the bank deposit certificate and others.

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 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 with money and other property performed by the authorized body and person performing transactions with money or other property according to this Law;

15) offshore zones – zones 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 of c 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 – includes foreign public official, the national public official, the official of the international organization:

a) foreign public official – the person designated or elected, holding any position in legislative, executive, administrative or judicial authority of foreign state and also any person which is performing or executed any public function for foreign state;

b) the national public official – the state official holding or holding the state position with the amount of powers established for it and certain level of responsibility, having or having the right based on the law to make the decisions connected with implementation of tasks of public service according to the law, and also eminent persons of political parties;

c) the official of the international organization – the member entering management structure of this organization including the chairman, his deputies and board members or the person holding or holding similar positions.

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