Kazakhstan Senate Ratifies Agreement to Establish Money Laundering Risk Assessment Center

Officials say the new mechanism will help identify risks before dubious funds enter the economy, Orda.kz reports.

On October 16, the Senate ratified the agreement establishing the International Money Laundering and Terrorist Financing Risk Assessment Center. The new body will function as a unified information platform for financial intelligence services across CIS member states.

The creation of the center will not only allow us to respond to threats, but also to proactively reduce the risks of the movement of dubious financial assets,
 explained the Senate’s Chief of Staff Maksym Spotkay.

According to the Agency for Financial Monitoring (FMA), 15 organized crime groups have recently been dismantled in Kazakhstan, 45 financial pyramids shut down, and the operations of 20 illegal cryptocurrency exchanges stopped. Virtual assets worth $9.7 million have been frozen.

In June, the Majilis approved a bill strengthening oversight of transactions involving digital assets, cultural property, and large cash flows.

The legislation mandates regular risk assessments, tighter compliance requirements for financial institutions, audits of management practices, and enhanced digital security measures to combat money laundering and terrorist financing.

Original Author: Ruslan Loginov