Financial Crime World

Kyrgyz Republic Takes Steps to Improve Financial Regulation and Combat Financial Crime

Progress in Addressing Technical Compliance Deficiencies

The Kyrgyz Republic has made significant progress in addressing technical compliance deficiencies identified in a recent evaluation, according to a new report released today.

Key Reforms Implemented

The country has implemented several key reforms aimed at improving its financial regulation and combating financial crime. These include:

  • Adoption of a New Constitutional Law: The National Bank of the Kyrgyz Republic has been given a clearer legal status, objectives, and procedures through the adoption of a new Constitutional Law.
  • Simplified Registration Mechanism: A simplified registration mechanism for terminating the operations of legal entities has been introduced.
  • Amendments to the Civil Code: Amendments have been made to exclude the concept of “bearer shares” in equity securities.

Improvements to Anti-Money Laundering and Combating the Financing of Terrorism Regime

The country has also taken steps to improve its anti-money laundering (AML) and combating the financing of terrorism (CFT) regime, including:

  • Ratification of a Protocol on AML/CFT Measures: The protocol involves transportation of currency and financial instruments across the border of the Eurasian Economic Union.
  • Agreement on Information Exchange in the Field of AML/CFT: An agreement has been signed to facilitate information exchange between countries.

Strengthened Regulation of Gambling Activities

The government has also amended laws related to gambling, including:

  • Creation and Operation of Gambling Facilities: Stricter regulations and controls have been introduced to prevent, detect, and disrupt AML/CFT-related acts.
  • Organization of Games of Chance: Licensing requirements have been strengthened to ensure compliance with anti-money laundering and combating the financing of terrorism regulations.

Upgraded Evaluation Report

These reforms have resulted in an upgrade to Recommendation R.8 from “NC” (non-compliant) to “PC” (partially compliant), according to the latest evaluation report.

Commitment to Improving Financial Regulation and Combating Financial Crime

The Kyrgyz Republic’s efforts demonstrate its commitment to improving its financial regulation and combating financial crime, which is essential for maintaining a stable and secure financial system.