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Kyrgyzstan Introduces Financial Crime Legislation Updates to Boost Fight Against Money Laundering and Terrorism Financing

Bishkek, Kyrgyzstan - The Kyrgyz Republic has recently introduced updates to its financial crime legislation aimed at enhancing the fight against money laundering and terrorism financing. The State Financial Intelligence Service (SFIS), responsible for implementing these measures, is working closely with international partners to strengthen its efforts.

Overview of Legislative Framework

According to Law No. 87 of the Kyrgyz Republic, dated August 6, 2018, “On Combating the Financing of Terrorist Activities and Legalization (Laundering) of Criminal Proceeds”, as amended by KR Law No.83 of July 8, 2019 and KR Law No.139 of August 21, 2020, the SFIS is tasked with collecting and analyzing suspicious transaction reports to identify transactions related to terrorist financing and money laundering.

Objectives of SFIS

The organization’s objectives include:

• Conducting operational analysis of suspicious transaction reports
• Strategic analysis of available information to identify trends and schemes related to these activities
• Preparing summarized reports and disseminating information to relevant government authorities
• Applying targeted financial sanctions and transaction suspension measures
• Pursuing international cooperation on anti-money laundering and counter-terrorism financing (AML/CFT) matters

Organizational Structure

The SFIS is headed by Chairman Kanatbek Turgunbekov, who is appointed and dismissed from his office by the President of the Kyrgyz Republic. The organization’s State Secretary is Chyngyz Kenenbaev, while Deputy Chairman Akyn Mambetaliev plays a key role in overseeing AML/CFT activities.

Contact Information

The SFIS can be contacted at:

• Phone: +996 312 32-55-30
• Fax: +996 312 32-55-34
• Email: info@fiu.gov.kg and it@fiu.gov.kg
• Website: https://fiu.gov.kg/
• Address: 21-A, Togolok-Moldo Street, Bishkek, 720033

Conclusion

The SFIS is committed to effectively implementing measures outlined in the country’s legislative framework and international cooperation agreements to combat money laundering and terrorism financing. With its updated legislation and organizational structure, the agency is well-equipped to tackle these complex issues and ensure a safer financial environment for citizens and businesses alike.