Financial Crime World

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Combating Money Laundering and Terrorism Financing in the Kyrgyz Republic

The Law of the Kyrgyz Republic on Combating Money Laundering and Terrorism Financing establishes an authorized state body responsible for combating these crimes. This article highlights the powers, responsibilities, and functions of this critical institution.

Authorized State Body

The law designates an authorized state body to combat money laundering and terrorism financing in the Kyrgyz Republic. Other government authorities are not permitted to interfere in matters related to this control except as specified by the law or other laws of the country.

Functions and Powers of the Authorized State Body

1. Collection, Processing, and Analysis of Information

  • The authorized state body collects, processes, and analyzes information related to operations (transactions) subject to mandatory control.
  • This includes gathering data from various sources to identify potential money laundering and terrorism financing activities.

2. Development and Implementation of Measures

  • The authorized state body develops and implements measures to improve the prevention, detection, and suppression of suspicious operations (transactions) and connections with anti-money laundering and terrorism financing.
  • These measures may include training for financial institutions, monitoring of transactions, and cooperation with international partners.

3. Submission of Information to Courts and Investigation Agencies

  • The authorized state body submits generalized materials related to the financing of terrorism and legalization (laundering) of proceeds from crime to courts and investigation agencies upon formal written requests.
  • This information helps law enforcement agencies investigate and prosecute individuals involved in these crimes.

4. Carrying Out Activities on Anti-Money Laundering and Terrorism Financing

  • The authorized state body carries out its activities in these areas, including access to databases maintained by state bodies.
  • This enables the agency to gather intelligence and track suspicious transactions in real-time.

5. Access to Databases

  • The authorized state body has the right to access (use) to databases formed and (or) maintained by state bodies.
  • This includes sharing information with other government agencies to enhance cooperation and coordination.

6. Sending Information to Law Enforcement Agencies

  • In the presence of sufficient evidence that an operation (transaction) is associated with terrorism financing and legalization (laundering) of proceeds from crime, it sends the appropriate synthesis to law enforcement agencies in accordance with their competence.
  • This ensures that relevant information reaches the right authorities for further action.
  • The authorized state body publishes normative legal acts on matters within its competence under this Law and other necessary for execution by persons in the information.
  • This helps ensure that all stakeholders are aware of their responsibilities and obligations.

8. Sending Written Requests to Providers of Information

  • The authorized state body sends written requests to providers of information according to the information specified in Article 4 of this Law, in respect of operations (transactions) subject to mandatory control, and in respect of information related to clients and beneficial owners (beneficiaries).
  • This enables the agency to collect necessary data from financial institutions and other relevant parties.

9. Requesting Further Information from State Bodies and Reporting Persons

  • It has the right to request and receive further information related to anti-money laundering and terrorism financing from state bodies and reporting persons.
  • This helps the authorized state body gather a comprehensive understanding of potential threats and take effective measures to combat them.

The authorized state body plays a crucial role in combating money laundering and terrorism financing in the Kyrgyz Republic, carrying out various functions and powers as specified by the law. Its efforts help maintain financial stability and ensure that the country remains safe from these illicit activities.