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Kyrgyzstan Takes Steps to Combat Financial Crime as Regional Forum Explores Best Practices

Bishkek, Kyrgyzstan - The first Eurasian Forum for Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) was held in Issyk-Kul province from September 10 to 12, bringing together international experts and regional authorities to discuss ways to combat financial crime.

A Significant Step Forward for Kyrgyzstan

The forum, organized by the State Financial Intelligence Service under the Government of the Kyrgyz Republic (SFIS) and the Eurasian Group on Combating Money Laundering and Financing of Terrorism (EAG), marked a significant step forward for Kyrgyzstan in its efforts to combat financial crime. The country has seen an increase in activity from clandestine groups involved in financing international terrorist organizations, particularly through obtaining proceeds from thefts.

Best Practices in AML/CFT

The forum provided a platform for participants to discuss best practices in AML/CFT, assess cross-border risks, corruption, and money laundering, as well as financing terrorism using criminal proceeds. International experts and representatives from various organizations, including the United Nations Office on Drugs and Crime, the European Union, and the Asian Development Bank, shared their expertise and experiences.

Financial Action Task Force (FATF) Standards

The event also focused on the FATF standards and guidelines for virtual currencies and their regulation. This is particularly relevant in the context of constantly evolving cross-border schemes for drug payments and growing risks of legalization of drug income using electronic payment instruments, blockchain, and cryptocurrencies, which can further be used to finance terrorism.

Support from International Organizations

The OSCE Programme Office in Bishkek has been supporting Kyrgyzstan’s fight against money laundering and terrorist financing since 2013. The office provided expert support and capacity building to relevant public and private sector organizations, contributing to the country’s removal from the FATF “Grey List” in 2014.

• Key highlights of international support:
  • Removal from the FATF “Grey List” in 2014
  • Removal from the EAG “Monitoring List”
  • Protection from international restrictions on the national financial industry
  • Contribution to raising the ease of doing business in Kyrgyzstan

A Crucial Platform for Regional Authorities

The forum served as a crucial platform for Kyrgyzstan and other regional authorities to share experiences, best practices, and expertise in combating financial crime. As the country continues to strengthen its efforts against money laundering and terrorist financing, the event marked an important step forward in the region’s commitment to fighting financial crime.

Quote from Gulamzhan Anarbaev, Head of SFIS

“This proves once again that the financial footprint is almost always there. Therefore, the financial intelligence units of the world are called upon to investigate the financial component of crimes both independently and jointly with the relevant authorities and, ultimately, deprive criminals of all kinds of assets and proceeds.”

Quote from Ambassador Pierre von Arx, Head of OSCE Programme Office in Bishkek

“Following our mutual efforts, in 2014, the Kyrgyz Republic was removed from the FATF ‘Grey List’ and eventually from the ‘Monitoring List’ of the EAG. These milestones have kept the country protected from international restrictions on the national financial industry and contributed to raising the ease of doing business in Kyrgyzstan.”