DUSHANBE, May 29, 2013, Asia-Plus — Tajikistan’s lower house (Majlisi Namoyandagon) of parliament has endorsed the bill requiring amendments to the country’s Penal Code and a number of laws on countering money laundering and the financing of terrorism. MPs have approved amendments proposed to the country’s Penal Code and laws on anti money laundering and combating the finance of terrorism as well as notariat that provide for toughening efforts against money laundering and the financing of terrorism.
A regular sitting of the fourth session of the Majlisi Namoyandagon of the fourth convocation, presided over by its head, Shukurjon Zuhurov, was held on May 29.
Presenting the bill, Abdujabbor Shirinov, Chairman of the National Bank of Tajikistan (NBT) noted that international financial institutions assessed activities of the country’s banking system in 2007 and “following the assessment findings, Tajikistan has come under a tight monitoring by the Financial Action Task Force on Money Laundering (FATF).”
“The main reason for that was the fact that Tajikistan’s legislation did not determine precisely measures of punishment for money laundering and the financing of terrorism,” noted Tajik central bank head. “The proposed amendments provide for criminal responsibility for such crimes.”
Founded in 1989 on the initiative of the G7, the Financial Action Task Force (on Money Laundering) (FATF) is an intergovernmental organ. The Financial Action Task Force on Money Laundering (FATF) was established by the G-7 Summit that was held in Paris in 1989 in response to mounting concern over money laundering. Recognizing the threat posed to the banking system and to financial institutions, the G-7 Heads of State or Government and President of the European Commission convened the Task Force from the G-7 member States, the European Commission and eight other countries. The Task Force was given the responsibility of examining money laundering techniques and trends, reviewing the action which had already been taken at a national or international level, and setting out the measures that still needed to be taken to combat money laundering.
The purpose of the FATF is to develop policies to combat money laundering and terrorism financing. The FATF Secretariat is housed at the headquarters of the OECD in Paris.
