Meeting with representatives of insurance institutions in the frame of preparation for the 2nd Round of Mutual Assessment of National System on AML/CFT/PMDWP

On December 7, 2017 (in first half of day) in the National Bank of Tajikistan the meeting with representatives of insurance institutions within the preparation of the Republic of Tajikistan for the 2nd Round of Mutual Assessment of National System on Anti-money Laundering and Combating Terrorism Financing and Proliferation of Weapons of Mass Destruction Financing Prevention has taken place (AML/CFT/PWMDFP).

The Meeting Opening Ceremony has taken place in the presence of Mr. Ikromi S.S. and Mr. Mashrabzoda Kh.M., NBT Deputy Chairmen. It was noted that now the insurance companies are underreporting entities of the National Bank of Tajikistan and in this connection it has been expressed the necessity for elimination of existing lacks and preparation for the 2nd Round of Mutual Assessment and meetings with experts-appraisers.

With the view of acquaintance of participants with process of mutual assessment the presentations on following themes have been presented by representatives of Financial Monitoring Department:

• Preparation for the 2nd Round of Mutual Assessment of the Eurasian Group on anti-money laundering and combating terrorism financing (EAG);
• The Report on the National Assessment of Risks of legalization (laundering) of incomes received by criminal ways and terrorism financing (section of credit institutions);
• Requirements of the legislation of the Republic of Tajikistan in sphere of AML/CTF/PWMDFP.

At the end of presentations of Department’s representatives, discussions on their interesting issues have been held by participants. Thereupon it is necessary to note that representatives of some insurance institutions have asked questions to representatives of the Department.

Prior to discussion of issues, representatives of insurance institutions have noted that the organization and holding of similar educational events is important for increase of level of knowledge and awareness in sphere of AML/CTF/PWMDFP.

It should be noted that Mr. Faizullozoda F., Acting Director of Department have provided exhaustive answers for questions of representatives of insurance institutions. At the same time it has been noted that preparation of insurance institutions to the 2nd Round of Mutual Assessment is an essential aspect of subsequent development of National System of AML/CTF/PWMDFP.

It is necessary to note that the organization of meetings with representatives of private sector is a result of close cooperation of the Department with the abovementioned institutions.

Financial Monitoring Department
NBT