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Kyrgyz Republic Introduces New Measures Against Terrorism and Money Laundering
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The Kyrgyz Republic has taken a significant step in its efforts to combat terrorism and money laundering by introducing new measures aimed at preventing the financing of terrorist activities and legalizing proceeds from crime.
New Law Emphasizes Confidentiality and Protection of Sensitive Information
According to a newly adopted law, financial institutions and non-financial entities are required to submit requested information or documents necessary to perform their functions to inspection authorities within 10 business days of receipt of the request. State bodies, state-owned enterprises, and other entities must provide the Financial Intelligence Body with access to electronic state registers and databases.
The law also emphasizes the importance of confidentiality and protection of sensitive information. The Financial Intelligence Body has been established to collect and analyze data on suspicious transactions and activities, and to share its findings with relevant authorities.
Confidentiality Protections
- Employees of financial institutions are prohibited from disclosing or using confidential information about their customers’ transactions without a valid reason.
- Employees of the Financial Intelligence Body are also prohibited from disclosing sensitive information after leaving their employment.
Risk Assessments and Sanctions List
The Government of the Kyrgyz Republic has been tasked with conducting regular risk assessments to identify and assess the risks of financing terrorist activities and legalizing proceeds from crime in the country. Based on these assessments, measures will be taken to reduce identified risks.
A sanctions list has been established, including individuals and entities involved in terrorism or extremism, as well as those who finance these activities. The list will be regularly updated and made public.
Key Provisions of the Law
- Financial institutions and non-financial entities must submit requested information or documents within 10 business days.
- State bodies and state-owned enterprises must provide access to electronic state registers and databases.
- Confidentiality and protection of sensitive information are emphasized.
- Employees of financial institutions are prohibited from disclosing or using confidential information without a valid reason.
- The Financial Intelligence Body is established to collect and analyze data on suspicious transactions and activities.
- Risk assessments will be conducted regularly to identify and assess risks of financing terrorist activities and legalizing proceeds from crime.
- A sanctions list has been established, including individuals and entities involved in terrorism or extremism.
Contact
For more information, please contact the Ministry of Justice of the Kyrgyz Republic at [insert contact information].