Keeping in Step with the Times – Improvement of the National Anti-Money Laundering and Counter-Terrorist Financing System of the Kyrgyz Republic

Today, on June 22, 2018, the Round Table: “Improvement of the National Anti-Money Laundering and Counter-Terrorist Financing System of the Kyrgyz Republic” was held in Bishkek city. The event was arranged by the Kyrgyz financial intelligence unit with the support of the OSCE Program Office in Bishkek.

The Round Table was opened with the welcome address by the representative of the KR Government Office A.E. Kirbashev and the head of the Kyrgyz financial intelligence unit A.J. Kadyraliev. Opening remarks were also delivered by the representative of the Kyrgyz President Administration K.E. Kulenbaev and the representative of the EAG Secretariat A.M. Seleznev.

“The basic AML/CFT Law currently in force in the Kyrgyz Republic was adopted twelve years ago in 2006. Since then, the international standards have changed significantly. The revised FATF recommendations have been developed and adopted, and the mechanisms for combating money laundering and financing of terrorist and extremist activity have been improved. This is the calling of our time and is required by the current international situation. Our country shall not fail to keep pace with this process, since we are talking about the joint efforts of the global community. And, strictly speaking, the current Kyrgyz AML/CFT Law is not fully consistent with the updated international anti-money laundering and counter-terrorism and proliferation financing standards”, pointed out the chairman of the State Financial Intelligence Service Kadyraliev in his opening remarks.

The brief video about the Kyrgyz legislation on combating terrorism financing and legalization (laundering) of proceeds of crime was demonstrated to the Round Table participants.
In course of the meeting, the head of the Kyrgyz financial intelligence unit Kadyraliev briefed the participants about the outcomes of the mutual evaluation of the Kyrgyz AML/CFT system and outlined the recommended measures for eliminating the deficiencies identified under the second round of the EAG mutual evaluation.

The Round Table discussed the recommended corrective measures for rectifying the drawbacks and deficiencies revealed in course of the second round of the EAG mutual evaluation: Immediate Outcomes 1 (risk assessment and risk-based approach), 2 (international cooperation), 3 (supervision), 4 (preventive measures), 5 (legal persons and arrangements), 6 (financial intelligence ML/TF), 7 (ML investigation and prosecution), 8 (confiscation), 9 (TF investigation and prosecution), 10 (TF targeted financial sanctions) and 11 (PF targeted financial sanctions).

A total of 52 participants took part in the Round Table: representatives of the KR Government Office and the KR Presidential Administration, the KR Security Council, the KR Parliament (Jogorku Kenesh), the EAG Secretariat, international organizations, law enforcement and supervisory authorities, financial institutions and certain designated categories of persons, and officers of the Kyrgyz State Financial Intelligence Service and representatives of mass media.

State Financial Intelligence Service under the Government of the Kyrgyz Republic