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Kyrgyzstan Makes Progress in Combating Money Laundering and Terrorist Financing

Bishkek, Kyrgyzstan - The Kyrgyz government has made significant progress in implementing measures to combat money laundering and terrorist financing, according to a recent evaluation by international experts.

Strengthened Legal Framework and Improved Cooperation

The evaluation, conducted as part of the Financial Action Task Force (FATF) assessment process, found that Kyrgyzstan has taken steps to strengthen its legal framework and improve cooperation between law enforcement agencies. Specifically:

• Introduced a new law requiring shell companies to disclose their beneficial owners
• Signed agreements with other countries to share information and coordinate efforts to combat money laundering and terrorist financing

Areas for Improvement

However, the evaluation also identified some areas where Kyrgyzstan needs to improve, including:

• Lack of a comprehensive system for monitoring and reporting suspicious transactions
• Need for further strengthening of its financial sector
• Requirement to improve cooperation with international partners

FATF Recommendations

The FATF has recommended that Kyrgyzstan take further steps to strengthen its financial sector and improve its cooperation with international partners. The country has committed to implementing these recommendations and has made significant progress in recent months.

Government Commitment

In a statement, the Kyrgyz government welcomed the evaluation and pledged to continue working to combat money laundering and terrorist financing. “We are committed to protecting our financial system from abuse and to preventing the misuse of our country for illegal activities,” said the government spokesperson.