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Enforcement Actions Against Financial Institutions in Kazakhstan Step Up Fight Against Money Laundering
In a bid to strengthen Kazakhstan’s capacity to counter money laundering and terrorist financing, the OSCE Programme Office in Astana, in partnership with the Agency for Regulation and Development of the Financial Market (ARDFM), recently conducted a training seminar in Almaty. The event brought together 20 participants from ARDFM and commercial banks to enhance their skills in detecting and preventing money laundering.
Challenges Remain
Despite Kazakhstan’s significant progress in enhancing its anti-money laundering measures, challenges remain. In 2023, the country reported substantial financial losses due to tax evasion and related crimes, with an estimated annual loss of USD 1 billion. Fraud and corruption in public procurement processes have also resulted in annual losses of approximately USD 300 million.
Seminar Objectives
The seminar focused on combating money laundering arising from:
- Tax crimes
- Entrepreneurial activities
- Public procurement offenses
Expert-led sessions covered topics such as:
- Identifying suspicious activities related to tax crimes
- Tools for detecting and reporting potential laundering
- Comprehensive review of both international and national laws against money laundering from tax crimes
Practical Knowledge and Tools
Participants were provided with case studies on procurement fraud and laundering channels, equipping them with practical knowledge and tools necessary for effectively addressing financial crimes. The seminar also explored:
- Compliance requirements for financial institutions
- Vulnerabilities in small and medium enterprises
- Potential for abuse in public procurement processes
Outcomes and Feedback
The training has strengthened the capacity of ARDFM representatives and bankers, safeguarding the integrity of Kazakhstan’s financial system.
“The seminar was a success, providing our staff with knowledge and practical tools to tackle money laundering more effectively,” said Almas Kalaubay, a senior officer from ARDFM.
“Assem Kalmagambetova from the Association of Financiers of Kazakhstan added, “The applicability of the knowledge gained during this seminar cannot be overstated. Our participants are now better equipped to implement these practices in their day-to-day operations, significantly strengthening our fight against financial crimes.”
Conclusion
This 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.