Kazakhstan Steps Up Fight Against Financial Crimes with OSCE-backed Training Seminar

Strengthening Anti-Money Laundering Measures

In a bid to enhance its anti-money laundering measures, Kazakhstan recently hosted a training seminar in Almaty, organized by the OSCE Programme Office in Astana and the Agency for Regulation and Development of the Financial Market (ARDFM). The event brought together 20 participants from ARDFM, commercial banks, and other financial institutions to improve their skills in detecting and preventing money laundering.

Focusing on Combating Money Laundering

The seminar focused on combating money laundering arising from tax crimes, entrepreneurial activities, and public procurement offenses. Participants were equipped with practical knowledge and tools necessary for effectively addressing financial crimes, including case studies on procurement fraud and laundering channels.

Addressing Challenges

Despite significant progress made by Kazakhstan in enhancing its anti-money laundering measures, challenges remain. The country reported significant financial losses due to tax evasion and related crimes in 2023, with an estimated annual loss of USD 1 billion. Additionally, fraud and corruption in public procurement processes have resulted in annual losses of about USD 300 million.

Seminar Objectives

The OSCE-backed seminar aimed to address these issues by providing participants with expert-led sessions on identifying suspicious activities related to tax crimes, tools for detecting and reporting potential laundering, and a comprehensive review of both international and national laws against money laundering from tax crimes. Specific tools discussed included Thomson Reuters World-Check and Fiserv AML Risk Manager.

Success of the Seminar

The event’s success was reflected in the statements of Almas Kalaubay, a senior officer from ARDFM, who praised the seminar as providing 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 will significantly strengthen their fight against financial crimes.

Commitment to Combating Financial Crime

The OSCE Programme Office in Astana remains committed to supporting Kazakhstan’s efforts to combat financial crime, and this seminar marks an important step towards achieving a robust financial regulatory environment.