Kyrgyzstan Receives Mixed Review for Anti-Money Laundering Efforts, Seeks EU Support

Evaluating AML/CFT Standards

A recent evaluation of Kyrgyzstan’s anti-money laundering and counter-terrorist financing (AML/CFT) standards has yielded mixed results. The country was deemed compliant in four areas and largely compliant in 35 out of a total of 40 FATF recommendations. The evaluation, conducted in 2019 as part of the Follow-up Mutual Evaluation Report, also found that Kyrgyzstan was highly effective in zero areas and substantially effective in zero areas for effectiveness and technical compliance ratings.

Commitment to Improvement

Despite these findings, Kyrgyzstan is committed to improving its national AML/CFT framework. The country is seeking support from the EU Global Facility on AML/CFT to strengthen its anti-money laundering and counter-terrorist financing measures, which are defined under the EU Fourth and Fifth Anti-Money Laundering Directives.

Benefits of EU Support

The move is seen as a significant step forward for Kyrgyzstan, which has been working to improve its financial sector and prevent the misuse of its economy by criminal organizations. The country’s efforts have been praised by international observers, who note that it has made significant progress in recent years in implementing AML/CFT measures.

Key Objectives

With the support from the EU Global Facility, Kyrgyzstan aims to:

• Strengthen its anti-money laundering and counter-terrorist financing measures
• Improve its financial sector
• Prevent the misuse of its economy by criminal organizations
• Bring its framework in line with international best practices

Conclusion

Kyrgyzstan’s commitment to improving its AML/CFT framework is a positive step forward. With the support from the EU Global Facility, the country can further strengthen its anti-money laundering and counter-terrorist financing measures, ultimately preventing the misuse of its economy by criminal organizations.