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Kazakhstan Fails to Meet International Anti-Money Laundering Guidelines, Report Reveals

A recent assessment of Kazakhstan’s anti-money laundering (AML) regime has highlighted significant shortcomings in the country’s implementation of international standards.

Significant Shortcomings Identified

The report, which evaluated Kazakhstan against the 40 recommendations of the Financial Action Task Force (FATF), found that the country failed to meet several key requirements. According to the report, Kazakhstan was deemed “largely compliant” with only 12 out of the 40 FATF recommendations.

Deficiencies in Risk Assessment and Customer Due Diligence

The majority of Kazakhstan’s deficiencies were identified in areas such as risk assessment and customer due diligence, where it was found to be lacking in its ability to effectively identify and mitigate money laundering risks.

Inadequate National Cooperation and Coordination Mechanisms

The report also criticized Kazakhstan for its inadequate national cooperation and coordination mechanisms. Many experts warn that this lack of coordination could hinder efforts to combat money laundering and terrorist financing.

Positive Developments

Despite these shortcomings, Kazakhstan did receive praise for its efforts to implement targeted financial sanctions related to terrorism and terrorist financing, as well as its measures to regulate and supervise non-profit organizations.

International Implications

The report’s findings are likely to be closely monitored by international bodies and financial institutions, which have been increasingly scrutinizing countries’ AML regimes in recent years. Kazakhstan’s failure to meet international standards could potentially lead to increased scrutiny and even sanctions if the country fails to address these deficiencies.

Response from Kazakh Authorities

In response to the report, Kazakhstan’s authorities have pledged to take immediate action to address the identified shortcomings and bring its AML regime into line with international best practices.