Kazakhstan Senate Ratifies Agreement to Establish Money Laundering Risk Assessment Center
Photo: Elements.envato.com, ill purposes.
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
Latest news
- Orda.kz Editorial Team to Cease Operations on September 1
- The Price of a Degree: How Students in Kazakhstan Pay for University
- Second Przewalski’s Horse Foal Born as Species Returns to Kazakhstan
- Kazakh Mining Companies Can Recalculate Purchases if Tenge Weakens
- Kazakhstan Names First Vice President in Three Decades
- What Almaty’s Bus Shelters Are Missing
- 400-Truck Queue Builds at Kazakh–Kyrgyz Border
- Kazakhstan Ready to Help Feed and Rebuild Gaza
- Tokayev Establishes New Presidential Security Body
- Almaty Takes Back Its Nearly Century-Old Hippodrome
- No More Guesswork on Savings: Kazakhstan Tightens Energy Audits for Businesses
- Public Money Could Be Used to Rescue Failing Kazakh Banks
- Third Kazakh Woman Reported Missing in Nepal-China Flood Zone
- Falconer Convicted Over 35 Protected Birds, Spared Punishment Under Amnesty
- Kazakh Citizen Detained in Yakutia in Phone Fraud Case
- Yuan Instead of Dollars? KazMunayGas Draws Record Demand in Asia
- China Gains Oil-Market Influence as OPEC+ Weakens
- Kazakhstan to Divide Smartphones Into White, Gray and Black Lists
- Kazakhstan’s Government Formally Resigns as First Kurultai Session Opens
- Rare Lynx Sighting Recorded in Northern Kazakhstan
