Kazakhstan’s Financial Institutions Receive Boost in Anti-Money Laundering Efforts
The OSCE Programme Office in Astana, in partnership with the Agency for Regulation and Development of the Financial Market (ARDFM), recently held a training seminar to equip financial regulators and bankers from Kazakhstan with enhanced skills to combat money laundering. The two-day seminar, held on May 29-30, 2024, focused on combating money laundering arising from tax crimes, entrepreneurial activities, and public procurement offenses.
Seminar Objectives
- Identify suspicious activities related to tax crimes
- Detect and report potential laundering
- Review international and national laws against money laundering from tax crimes
Training Sessions
- Expert-led sessions covered topics such as:
- Identifying suspicious activities related to tax crimes
- Tools for detecting and reporting potential laundering
- Comprehensive review of international and national laws against money laundering from tax crimes
- Case studies on procurement fraud and laundering channels were presented to provide participants with practical knowledge and tools necessary for effectively addressing financial crimes.
Outcomes
The training has strengthened the capacity of ARDFM representatives and bankers, safeguarding the integrity of Kazakhstan’s financial system. Participants gained insights into:
- Compliance requirements for financial institutions
- Vulnerabilities in small and medium enterprises
- Potential for abuse in public procurement processes
Quotes from Participants
- “The seminar was a success, providing our staff with knowledge and practical tools to tackle money laundering more effectively.” - Almas Kalaubay, Senior Officer at ARDFM
- “The applicability of the knowledge gained during this seminar cannot be overstated. Our participants are now better equipped to implement these practices in their day-to-day operations, significantly strengthening our fight against financial crimes.” - Assem Kalmagambetova from the Association of Financiers of Kazakhstan
Conclusion
This seminar marks an important step in addressing financial crime issues and demonstrates the commitment of the OSCE Programme Office in Astana and its partners to fostering a robust financial regulatory environment in Kazakhstan. By continuing to build on such initiatives, Kazakhstan is poised to make significant strides in combating money laundering and securing its financial systems against illicit activities.