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Kazakhstan Takes Steps to Enhance Internal Controls Against Financial Crimes

A recent assessment by the global anti-money laundering watchdog, the Financial Action Task Force (FATF), has revealed that Kazakhstan is taking concrete steps to strengthen its internal controls against financial crimes. The country’s rating on technical compliance with FATF recommendations shows significant improvement, with several key areas demonstrating a high level of compliance.

Risk Assessment and National Cooperation

Understanding Risk and Collaboration

Kazakhstan has shown a good understanding of the importance of assessing risk and applying a risk-based approach in fighting financial crimes. The country’s national cooperation and coordination mechanisms have also been rated as largely compliant, indicating effective collaboration between government agencies and institutions.

Money Laundering Offence and Confiscation Measures

Progress Made, but More Work Needed

While Kazakhstan has made progress in defining money laundering as an offence, its confiscation measures remain partially compliant. This suggests that the country still needs to work on ensuring that it can effectively seize assets linked to financial crimes.

Targeted Financial Sanctions

Strong Focus on Countering Terrorism and Terrorist Financing

The country’s targeted financial sanctions related to terrorism and terrorist financing have been rated as largely compliant, indicating a strong focus on countering these threats.

Non-Profit Organisations and Customer Due Diligence

Areas for Improvement

However, Kazakhstan’s rating on non-profit organisations is non-compliant, highlighting the need for stronger regulations in this area. Additionally, its customer due diligence measures are only partially compliant, suggesting that more work needs to be done to ensure that financial institutions can effectively identify and verify their customers.

Internal Controls and Foreign Branches

Good Understanding of Effective Controls

Kazakhstan’s internal controls and foreign branches and subsidiaries have been rated as largely compliant, indicating a good understanding of the importance of maintaining effective controls across all aspects of the financial system.

Conclusion

Overall, while Kazakhstan still has areas for improvement, its commitment to strengthening internal controls against financial crimes is evident. The country’s efforts will likely be closely monitored by international authorities in the coming months and years.