OTS countries eye cooperation in financial intelligence

Attending the event were public administration officials, representatives of OTS Financial Intelligence Divisions, expert, business and academic circles.

The forum discussed data exchange and use of advanced technologies in the field of financial Intelligence as well as measures to fight criminal assets and terrorist financing.

During the event, Ömer Kocaman, OTS Deputy Secretary-General, expressed the need for strong cooperation and a legal framework to institutionalize financial monitoring and regulation efforts in the OTS region.

Highlighting the importance of key economic projects and initiatives, Ömer Kocaman urged to continue cooperation to stimulate positive changes in financial systems.

During the forum, innovative solutions such as the Suspicious Activity Monitoring System (SAMS) in Azerbaijan, creation of a Risk Assessment Center in Uzbekistan, the national system to combat money laundering and terrorist financing in Kyrgyzstan, as well as Hungary’s experience in fighting online fraud were presented.

In conclusion, the 'Shusha Initiative' as evidence of the Turkic states’ commitment to cooperation in the field of financial intelligence was adopted.

The International Forum of the OTS Financial Intelligence Divisions seeks to significantly strengthen regional cooperation and use of advanced technologies for collection of financial information by the OTS member states and observers.

To note, the OTS states signed the protocol of intent to establish the unified information system Türktransplant in Shusha on October 8. The document aims to coordinate organ donation and transplantation within the Organization.

The Organization of Turkic States (OTS) consists of Kazakhstan, Azerbaijan, Kyrgyzstan, Türkiye and Uzbekistan, as well as Hungary and Turkmenistan as observer states.