Kazakhstan Joins International Effort to Combat Money Laundering and Terrorist Financing
In a move aimed at strengthening international cooperation in the fight against money laundering and terrorist financing, Kazakhstan has joined seven other countries from the Commonwealth of Independent States (CIS) in establishing a financial intelligence unit council.
Establishment of Council
The agreement was signed on December 5, 2012, creating the Council of Heads of Financial Intelligence Units of CIS Member States, comprising Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, Tajikistan, and Uzbekistan. The strategic goal of the council is to ensure the protection of citizens, society, and member states from money laundering (ML) and terrorist financing (TF) threats by financial intelligence units.
Key Areas of Focus
- Organization of collaboration between financial intelligence units and other concerned bodies
- Identification of priority areas for cooperation
- Development of unified approaches to legislation
- Assistance in implementation of international standards
Council Functions
The council’s main functions include:
- Preparing proposals for targeted programs and priority areas of cooperation
- Assisting member states in implementing the Financial Action Task Force (FATF) Recommendations
- Facilitating information sharing between financial intelligence units
- Developing recommendations on identifying and combating ML and TF forms and methods
- Cooperating with international organizations
Regular Meetings
The council’s work will be carried out through regular meetings, which may be held in an open or closed format. Representatives of international organizations and financial intelligence units from non-member states may participate in these meetings with the consent of all members.
Observer Status
India has been granted observer status, allowing it to:
- Attend meetings
- Make proposals
- Receive documents adopted by the council
Basic Anti-Money Laundering/Counter-Terrorist Financing Educational Organization
The Autonomous Non-Profit Organization International Training and Methodology Centre for Financial Monitoring (ITMCFM) in Moscow has been designated as the basic anti-money laundering/counter-terrorist financing educational organization of CIS member states.
Conclusion
The establishment of this council marks an important step forward in Kazakhstan’s efforts to combat ML and TF, and demonstrates its commitment to international cooperation in this area.