In August 2019, FSVC received funding from the U.S. Department of State to assist Tajikistan in the country’s efforts to deter money laundering and terrorist financing (ML/TF), strengthen financial stability and increase financial inclusion. The program will consist of a series of activities to strengthen financial stability and help address inflation, currency devaluation and exchange rate uncertainty. Specifically, FSVC is working to help 1) strengthen the capacity of regulators and private sector to detect and report suspicious transactions to law enforcement; and 2) strengthen financial stability.
FSVC began working in Tajikistan in 2019 amidst a domestic banking crisis. FSVC’s program helps expand and deepen the technical skills of three important departments of the National Bank of Tajikistan (the Financial Monitoring Department, the Audit Department and the International Reserves Management Department) to effectively carry out their financial integrity and financial stability work.
Specific results achieved through the program include:
- The development of an operational manual and supporting templates for the operations of the Financial Monitoring Department;
- The development of suspicious transaction report (STR) guidance to better instruct banks on the types of transactions they report to reduce the filing of STRs that have little or no value to law enforcement; and
- Increased capacity in the National Bank of Tajikistan’s Audit and International Reserves Management Departments through the development of processes that mirror those practiced at other central banks.