Kazakhstan adopts AML/CFT legislation

The President of the Republic of Kazakhstan Nursultan Nazarbaev signed the Law “On Counteracting Legalization (Laundering) of Ill-gotten Proceeds and Terrorist Financing”.

The law is aimed at defining a legal basis of combating money laundering and terrorist financing alongside specifying various aspects of cooperation between subjects of the national financial monitoring system including interagency collaboration. Adopting the legislation is due to dramatically enhance the effectiveness of the national AML/CFT regime in Kazakstan and bring it into compliance with the international standards, particularly the FATF 40+9 Recommendations. 

The President of Kazakstan also signed the Law “On Amending and Expanding Certain Bylaws of the Republic of Kazakstan on Counteracting Legalization (Laundering) of Ill-gotten Proceeds and Terrorist Financing”, which is aimed at bringing those bylaws into line with the adopted AML law. 

These steps became possible due to joint efforts and advisory assistance of the international experts of the EAG, World Bank, UN DOC, etc. They are crucial for the Kazakstani national AML/CFT system and will result in strengthening the position of the Republic of Kazakstan in the international countering of money laundering and terrorist financing infrastructure.