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Kyrgyzstan Moves to Enhance Financial Intelligence and Counter Terrorism Financing

Strengthening Financial Intelligence Capabilities

The government of Kyrgyzstan has taken significant steps to strengthen its financial intelligence capabilities and combat terrorism financing in the country. A new law passed by the parliament requires financial institutions and non-financial entities to submit requested information or documents to inspection authorities within 10 business days from receipt of the request.

State bodies and state-owned enterprises must provide the Financial Intelligence Body (FIB) with access to electronic state registers and databases. The FIB has been established to collect, analyze, and disseminate financial intelligence to prevent and combat money laundering, terrorist financing, and other financial crimes.

National Risk Assessment and Action Plan

The law requires the government to conduct a national risk assessment of terrorism financing and money laundering every two years. Based on the report, the government will develop an action plan to reduce identified risks and apply a risk-based approach to counter terrorist financing and money laundering.

Expanded Sanctions List

The sanctions list has been expanded to include individuals and entities suspected or accused of involvement in terrorist or extremist activities, as well as those who finance or support such activities. The sanctions list includes the consolidated UN Security Council Sanctions List and the Consolidated Sanctions List of Kyrgyzstan.

Improved National Security and Economic Stability

The new law is aimed at improving the country’s ability to detect and prevent financial crimes, including terrorism financing and money laundering, which are considered major threats to national security and economic stability.

“We are committed to ensuring that our financial system is secure and resilient,” said a government spokesperson. “This new law will help us to better identify and disrupt terrorist financing networks and prevent the misuse of our financial institutions.”

Effective Date and Implications

The law comes into effect on [date] and is expected to have significant implications for financial institutions, businesses, and individuals operating in Kyrgyzstan.

Financial Intelligence Body (FIB) Website
Kyrgyzstan’s Anti-Money Laundering and Combating Financing of Terrorism Law
UN Security Council Sanctions List