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Preventing Terrorism Financing and Money Laundering in Kyrgyzstan

Summary

The law in Kyrgyzstan aims to prevent and combat terrorism financing, money laundering, and other financial crimes. It establishes requirements for reporting suspicious transactions, maintaining correspondent relationships with foreign banks, and identifying and assessing risks of terrorism financing and money laundering.

Key Points

Reporting Suspicious Transactions

• Financial institutions must report suspicious transactions to the Financial Intelligence Body.

Correspondent Relationships

• Institutions are prohibited from establishing or maintaining correspondent relationships with shell banks or respondent banks without proper authorization.
• These relationships require prior approval from the relevant authorities.

Anonymous Accounts

• Opening and maintaining anonymous accounts is prohibited in Kyrgyzstan.

Risk Assessment

• The Government of Kyrgyzstan is responsible for conducting a national risk assessment to identify and mitigate risks of terrorism financing and money laundering.
• This assessment will help inform policies and regulations aimed at preventing financial crimes.

Sanctions List

• A consolidated sanctions list includes individuals and entities involved in terrorism financing, extremism, or other related activities.
• This list is regularly updated and made available to relevant authorities.