Financial Crime World

Kazakhstan Establishes Financial Intelligence Unit

A Step Forward in Combating Money Laundering and Terrorist Financing

In a move to strengthen its financial intelligence capabilities, Kazakhstan has established a national financial intelligence unit (FIU) under the Financial Monitoring Agency of the Republic of Kazakhstan. This development is part of a comprehensive effort to prevent, detect, disrupt, solve, and investigate economic and financial offenses in the country.

Responsibilities of the FIU

  • Preventing, detecting, disrupting, solving, and investigating economic and financial offenses that fall within its purview
  • Overseeing anti-money laundering (AML) and counter-terrorism financing (CFT) efforts in Kazakhstan
  • Working closely with international partners to ensure it stays up-to-date with the latest best practices and technologies in the field of financial intelligence

Leadership and Partnerships

The FIU is headed by Chairman of the Financial Monitoring Agency of Kazakhstan, Mr. Dmitry Malakhov, who serves as the head of the Kazakhstani delegation to the Eurasian Group on Combating Money Laundering and Financing of Terrorism (EAG).

Kazakhstan’s AML/CFT system involves several government agencies, including:

  • Ministry of Finance
  • Ministry of Justice
  • Ministry of Internal Affairs
  • Ministry of Foreign Affairs

The country’s legal framework includes the Constitution of the Republic of Kazakhstan and the Law “On Combating Money Laundering and Terrorist Financing,” which came into effect in 2010. Kazakhstan is also a member of several international organizations, including:

  • United Nations
  • Collective Security Treaty Organization (CSTO)
  • Eurasian Economic Union (EAEU)
  • Egmont Group

Conclusion

The establishment of the FIU is seen as a major step forward in Kazakhstan’s efforts to combat financial crimes and prevent the misuse of its financial system. The agency will work closely with international partners to ensure that it stays up-to-date with the latest best practices and technologies in the field of financial intelligence.