Financial Crime World

Kazakhstan Steps Up Fight Against Financial Crimes: Council of Europe Supports Supervisory Authorities

Strengthening Capacities against Economic Crime

In a bid to enhance its efforts against money laundering and terrorist financing, Kazakhstan’s supervisory authorities have received crucial support from the Council of Europe. The “Promoting Transparency and Action against Economic Crime” initiative in Central Asia aimed at strengthening capacities to fight and prevent economic crime in five countries, including Kazakhstan.

Workshop on Risk-Based Supervision

The Council of Europe, through its Central Asia Rule of Law Programme 2020-2024, co-funded by the European Union, implemented a series of workshops in Astana from March 26-29, 2024. The first workshop brought together 15 representatives from seven supervisory authorities:

  • Financial Monitoring Agency (FMA)
  • Agency for Protection and Development of Competition
  • Astana International Financial Centre (AIFC)
  • Ministry of Trade and Integration
  • Ministry of Tourism and Sport
  • Ministry of Finance (Committee of Internal Public Audit)
  • Ministry of Justice

The three-day workshop aimed at improving the capacities of Kazakhstan’s supervisory authorities in risk-based supervision of designated non-financial businesses and professions (DNFBPs) in the anti-money laundering and countering terrorism financing (AML/CFT) field.

Key Outcomes

The workshop achieved several key outcomes:

  • Over 130 representatives from DNFBPs, including:
    • Accountants
    • Lessors
    • Jewellers
    • Realtors
    • Legal consultants
    • Lawyers
    • Notaries
    • Commodity exchanges
    • Gambling sector
    • Auditors
  • Improved understanding of FATF standards and obligations for effective risk-based supervision of DNFBPs
  • Enhanced awareness on international good practices in meeting AML/CFT obligations among DNFBPs

Strengthening AML/CTF Measures

The enhanced understanding of money laundering and terrorist financing risks by both supervisory entities and DNFBPs in Kazakhstan is expected to lead to reduced economic crime and strengthened AML/CTF measures. This initiative demonstrates the Council of Europe’s commitment to supporting Central Asian countries in their fight against financial crimes.

Next Steps

Kazakhstan’s supervisory authorities will build upon this knowledge by implementing risk-based supervision practices, which will help to identify and mitigate money laundering and terrorist financing risks more effectively. The strengthened AML/CTF measures will contribute to a safer and more stable financial environment for Kazakhstan.