AML/CFT law implemented in Kazakhstan

March 9, Law of the Republic of Kazakhstan on Counteracting Legalization (Laundering) of Ill-gotten Proceeds and Terrorist Financing, adopted on August 28, 2009, came into force.

The legislation adopted in order to create a legal mechanism for combating money laundering and terrorist financing regulates rights and duties of the organizations which are subject to financial monitoring and the competent authority in charge of countering ML/FT.

Since March 9, 2010, banks, stock exchange, insurance companies, pension funds and other institutions subject to financial monitoring are due to report information on suspicious transactions to the Financial Monitoring Committee of Kazakhstan. According to the law, the Committee performs collection and processing of information on monetary transactions and (or) transactions with other valuable assets, which are subject to financial monitoring, and in case of identifying signs of money laundering and terrorist financing passes this information to the law-enforcement authorities.

Implementation of the legislation is a crucial step of the Republic of Kazakhstan in enhancing national AML/CFT regime and comes as a result of joint efforts and effective cooperation of the national government and competent authorities with the EAG experts and other donor organizations.