Kyrgyz Republic Combats Terrorism Financing and Money Laundering

Strengthening Financial System and Protecting Citizens’ Rights

The Kyrgyz Republic has taken significant steps to combat terrorism financing and money laundering through the adoption of a law “On combating terrorism financing and legalization (laundering) of proceeds from crime” in 2006. This law aimed to strengthen the fight against financial offenses, ensure the stability and resilience of the financial system, and protect citizens’ rights and interests.

Key Reforms and Initiatives

• Adoption of the Law: The Kyrgyz Republic adopted a comprehensive law to combat terrorism financing and money laundering in 2006.
• Implementation Bills: The Government initiated 11 bills to implement the law and bring existing legislation into conformity with international standards.
• Parliamentary Approval: These bills were adopted by Parliament in 2008, marking a significant milestone in the country’s efforts to combat financial offenses.

President Signs Key Legislation

In addition to passing the implementing bills, the President of the Kyrgyz Republic signed them into law, including amendments to various codes and regulations related to:

• Banking: Strengthened banking regulations to prevent money laundering and terrorist financing
• Taxation: Enhanced tax laws to ensure transparency and prevent financial crimes
• Insurance: Improved insurance regulations to prevent money laundering and terrorist financing
• Securities: Strengthened securities laws to protect investors and prevent financial crimes

Conclusion

The Kyrgyz Republic’s efforts to combat terrorism financing and money laundering through legislative reforms demonstrate the country’s commitment to strengthening its financial system and protecting citizens’ rights and interests. By adopting a comprehensive law and implementing key reforms, the Kyrgyz Republic has taken significant steps towards achieving these goals.