TURKMENISTAN BACKGROUND CHECK

We are providing comprehensive background verification Services which are providing you a safeguard with risk management consultancy throughout the Turkmenistan with strong network of professional, on-ground background screeners. We are rendering our compliance pertaining to our Services of checking the veracity of the information registered under various rules and regulations and these entities can record the authentic results of the background check.

Our ultimate goal is to find the facts behind the present proposal of association to take wise decision. We are providing you the background investigation Services in all over Turkmenistan which is also including Abadan, Akdepe, Asgabat – Capital state, Bayramaly, Baherden, Darganata, Dasoguz, Yoloten, Esenguly, Gazandzhyk, Gumdag, Kerki, Kunya Urgench, Mary, Balkanabat, Serdar, Tagtabazar, Tejen, Turkmenabat, Turkmenbashi etc. Kindly contact us on our email: info@backcheckgroup.com to generate your query and we will revert you in stipulated time accordingly. Due to the sensitive nature of the Services all queries will dealt under strict confidentiality and under the influence of extreme ethical consideration.

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PRODUCTS IN TURKMENISTAN

Data Protection

Data Protection Laws Not Found

(Adopted on 26 September 2008 in Ashgabat)

The Constitution is comprised of 7 Sections, 117 articles and prescribes the responsibilities of against corruption in Section VII: The Prosecutor’s Office, Article 110: The supervision of precise and uniform enforcement of the laws of Turkmenistan, Acts of the President of Turkmenistan and the Cabinet of Ministers, decisions of the Mejlis, is vested in the Prosecutor General of Turkmenistan, and his subordinate prosecutors. The public prosecutor participates in the disposal of legal cases in the court on the basis of and in the order established by law, Article 111: The Prosecutor General’s office oversees the legality of operational and investigative activities, and investigation of criminal cases.

Turkmenistan – Know Your Customer (KYC) Rules

Turkmenistan is not an important regional financial center. There are only five international banks and a small, underdeveloped domestic financial sector. Foreign companies operate three casinos in Turkmenistan, which under certain conditions could become vulnerable to financial fraud and money laundering. Given Turkmenistan‘s shared border with Afghanistan, money laundering in the country could involve proceeds from the trafficking and trade of illicit narcotics (primarily opium and heroin), and those derived from domestic criminal activities. Although there is no information on cash smuggling, gasoline and other commodities are routinely smuggled across the national borders.

There are no offshore centers in the country. The current Law on Free Economic Zones (FEZs) in Turkmenistan determines the legal regime for conducting business in these zones. There are ten FEZs in Turkmenistan, all created prior to 1998. Businesses operating in a FEZ are exempt from taxes on profits for the first three years of profitable operation. In May 2007, Turkmenistan introduced the Awaza (or Avaza) Tourist Zone (ATZ) to promote the development of its Caspian Sea coast. The tax code exempts construction and installation of tourist facilities in the ATZ from value added tax (VAT). Various services offered at tourist facilities, including catering and accommodations, are also VAT-exempt.

KNOW-YOUR-CUSTOMER (KYC) RULES:

Enhanced due diligence procedures for PEPs:

A PEP is an abbreviation for Politically Exposed Person, a term that describes a person who has been entrusted with a prominent public function, or an individual who is closely related to such a person. The terms PEP, Politically Exposed Person and Senior Foreign Political Figure are often used interchangeably

    • Foreign PEP: NO
    • Domestic PEP: NO

Turkmenistan – KYC covered entities

The following is a list of Know Your Customer entities covered by Turkmenistan Law:

    • Banks, money exchangers, and money remitters
    • Postal service operators
    • Leasing companies
    • Securities brokers and intermediaries
    • Insurance institutions
    • Portfolio and asset managers
    • Precious metals and stones dealers
    • Accountants, lawyers, notaries, and other legal professionals
    • Real estate agents
    • Lottery or gaming entities
    • Charitable foundations
    • State registrars
    • Pawnshops

Turkmenistan – Suspicious Transaction Reporting (STR) Requirements:

Number of STRs received and time frame: Two from January 1 to May 20, 2011

Number of CTRs received and time frame: Not available

The following is a list of STR covered entities covered by Turkmenistan  Law:

    • Banks, money remitters, foreign currency dealers, and money exchangers
    • Professional participants in the securities market, commodity exchangers, and firms taking cash payments for investments
    • Leasing organizations; insurance organizations
    • Precious metals and stones dealers
    • Accountants, lawyers, notaries, and other legal professionals
    • Real estate agents
    • Lottery or gaming entities
    • Charitable foundations
    • State registrars
    • Pawnshops

MONEY LAUNDERING CRIMINAL PROSECUTIONS/CONVICTIONS:

Prosecutions: Nine from January 1 to May 20, 2011Convictions: Not available

ENFORCEMENT AND IMPLEMENTATION ISSUES AND COMMENTS:

In June 2011, Turkmenistan became a member of the EAG. The country‘s new financial intelligence unit, established in 2010, has begun to function. International experts have seen positive movement in the country‘s AML/CFT actions.

In response to international concerns, the parliament adopted a law in 2011 which extends the Criminal Code to include activities designed to conceal the unlawful origin of monetary assets and other property. Turkmenistan should explicitly criminalize tipping off.

Summary

Turkmenistan GDP Last Previous Highest Lowest Unit
GDP 41.85 35.16 41.85 2.37 USD Billion
GDP Annual Growth Rate 10.30 10.20 16.50 -17.30 percent
GDP Constant Prices 32.45 29.44 32.45 8.36 USD Billion
GDP per capita 3556.98 3269.66 3556.98 1107.68 USD
GDP per capita PPP 13554.93 12460.06 13554.93 4221.14 USD

Risk

Sovereign risk

The external debt stock is low. The state budget may return to deficit in 2015-16 amid a worsening of the external economic environment, but the current account is forecast to return to surplus from 2015 as devaluation and a deterioration of household income pull down imports. High international reserves will help to protect against further external shocks before a recovery in global energy prices in 2016. Nonetheless, cuts in subsidies point to concerns about the longer-term sustainability of the public finances.

Banking sector risk

Regulatory improvements to assist financial sector development continue, but government-directed lending will adversely affect financial soundness indicators.

Political risk

A step up in attacks from across the border in Afghanistan in 2014 has raised political risk. The impact on incomes of subsidy cuts and devaluation could trigger some social unrest. Around 80 people have been arrested in the city of Tejen since early February, allegedly because of terrorist links. However, those involved were said to be planning a protest against the impact of the manat devaluation.

Economic structure risk

The economy is dependent on foreign-exchange earnings from gas sales. The government has had some success in diversifying markets for its gas exports.

Travel Risk

Security

The decision to travel is your responsibility. You are also responsible for your personal safety abroad. The purpose of this Travel Advice is to provide up-to-date information to enable you to make well-informed decisions.

Terrorism

Heightened tensions throughout the region, together with increased threats globally from terrorism, may put you at risk. Maintain a high level of caution at all times.

Crime

Violent crime is low. However, mugging and pickpocketing do occur. Acts of banditry occur in remote areas. Remain vigilant and ensure that your personal belongings, passports, and other travel documents are secure. Do not travel alone and avoid showing signs of affluence.

Demonstrations

Demonstrations occur and have the potential to suddenly turn violent. They can lead to significant disruptions to traffic and public transportation. Avoid all demonstrations and large gatherings, follow the advice of local authorities and monitor local media.

Women’s safety

Women should not travel alone in Turkmenistan. Consult our publication entitled Her Own Way: A Woman’s Safe-Travel Guide for travel safety information specifically aimed at Canadian women.

Transportation

Exercise caution on intercity roads, as driving standards are poor. Rural roads are often in disrepair and not lit. Animals frequently wander onto the road. Random traffic police checks are routine.

Do not travel or use public transportation after dark.

Use only officially marked taxis and pre-negotiate the fare. Avoid shared taxis.

Avoid travel by train, as service is slow and crime is prevalent. If travel by train is necessary, store your personal belongings in a safe place and do not leave the compartment unattended. Ensure that your door is secured from the inside.

See Transportation Safety in order to verify if national airlines meet safety standards.

Regional travel

You may encounter difficulties and processing delays in obtaining official permission to travel outside Ashgabat. Areas bordering Iran, Uzbekistan and Afghanistan, including the city of Dashoguz and areas of the Caspian coast are restricted zones. Travel to these areas is forbidden without prior permission from the government of Turkmenistan.

General safety information

The Embassy of Canada in Ankara, Turkey, has consular responsibility for Turkmenistan. Entry visa policies and procedures restrict Canadian officials’ access to Turkmenistan, significantly limiting the ability of the Canadian government to provide prompt consular assistance in this country, even in emergencies. Register with the Embassy of Canada in Ankara or contact the Emergency Watch and Response Centre at 613-996-8885.

Police and military officials are prevalent throughout Turkmenistan. Carry a photocopy of your passport, the original, or other photo-identification at all times, as officials frequently request proof of identity. Leave a photocopy of your passport with a relative or a friend at home.

Foreigners are often subjected to questioning and car and home searches. Some have been detained.

Curfews may be imposed and areas may be cordoned off upon short notice. The violation of a curfew can result in immediate deportation and a ban against returning to Turkmenistan for five years.

Tourist facilities are limited, especially outside Ashgabat. Many goods and services are not available.

Emergency services

Dial 01 for the fire department, 02 for the police and 03 for an ambulance.

Address Format

RECIPIENT
[BUILDING]
[SUBBUILDING]
[HOUSE_NUMBER,] STREET_NAME
POSTALCODE LOCALITY
TURKMENISTAN

Sample

SOFITEL ASHGABAT OGUZKENT
231, AVENUE BITARAP
744000 ASHGABAT
TURKMENISTAN

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