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Financial Institution Due Diligence in Kazakhstan: FATF Evaluation Reveals Mixed Results

Kazakhstan’s financial institution due diligence has been evaluated by the Financial Action Task Force (FATF), with mixed results. The country received a range of ratings, from compliant to non-compliant, across various areas.

Assessing Risk and Applying Risk-Based Approach

Kazakhstan was found to be largely compliant in assessing risk and applying a risk-based approach, according to FATF’s R.1 rating. This means that the country has made significant progress in identifying and managing risks associated with money laundering and terrorist financing.

National Cooperation and Coordination

The country received a compliant rating for national cooperation and coordination, as outlined in FATF’s R.2 recommendation. This indicates that Kazakhstan has established effective mechanisms for coordinating efforts among government agencies, financial institutions, and other stakeholders to prevent and combat money laundering and terrorist financing.

Money Laundering Offence

Kazakhstan was found to be largely compliant in criminalizing money laundering, according to FATF’s R.3 rating. The country has enacted laws and regulations that prohibit money laundering and provide for severe penalties for those who engage in this activity.

Confiscation and Provisional Measures

The country received a largely compliant rating for confiscation and provisional measures, as outlined in FATF’s R.4 recommendation. This indicates that Kazakhstan has established effective procedures for freezing and seizing assets related to money laundering and terrorist financing.

Terrorist Financing Offence

Kazakhstan was found to be largely compliant in criminalizing terrorist financing, according to FATF’s R.5 rating. The country has enacted laws and regulations that prohibit the financing of terrorism and provide for severe penalties for those who engage in this activity.

The country received a partially compliant rating for targeted financial sanctions related to terrorism and terrorist financing, as outlined in FATF’s R.6 recommendation. This indicates that Kazakhstan has made progress in implementing targeted financial sanctions, but there are still areas that require improvement.

Conclusion

The evaluation found that Kazakhstan has made progress in implementing the technical requirements of the FATF Recommendations, but there are still areas that require improvement. The country is expected to continue working towards full compliance with international anti-money laundering and combating the financing of terrorism (AML/CFT) standards.