Kazakhstan Takes Step Forward in Combating Money Laundering
In an effort to strengthen its capacity to counter money laundering and terrorist financing, Kazakhstan recently hosted a training seminar aimed at combating financial crimes arising from tax evasion, entrepreneurial activities, and public procurement offenses.
Event Details
The event was organized by the OSCE Programme Office in Astana in collaboration with the Agency for Regulation and Development of the Financial Market (ARDFM). It brought together 20 participants from ARDFM, commercial banks, and other financial institutions to enhance their skills in detecting and preventing money laundering.
Progress Made
Kazakhstan has made significant progress in enhancing its anti-money laundering measures. According to the Basel AML Index score, the country improved by 16 points from 2021 to 2023. However, despite these advancements, challenges remain.
Challenges Facing Kazakhstan
The country reports significant financial losses due to tax evasion and related crimes. The World Bank estimates that Kazakhstan loses approximately USD 1 billion annually due to tax violations, while fraud and corruption in public procurement processes result in annual losses of about USD 300 million.
Seminar Objectives
The seminar covered a range of topics, including:
- Identifying suspicious activities related to tax crimes
- Tools for detecting and reporting potential laundering
- A comprehensive review of both international and national laws against money laundering from tax crimes
- Case studies on procurement fraud and laundering channels
Participants were provided with practical knowledge and tools necessary for effectively addressing financial crimes.
Success of the Seminar
The event was deemed a success by participants. Almas Kalaubay, a senior officer from ARDFM, stated that the seminar provided staff with knowledge and practical tools to tackle money laundering more effectively. Assem Kalmagambetova from the Association of Financiers of Kazakhstan added that the applicability of the knowledge gained during the seminar cannot be overstated, with participants now better equipped to implement these practices in their day-to-day operations.
Conclusion
The 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.