Risk Assessment for Financial Institutions in Kyrgyzstan Revealed

Strengthening Efforts to Combat Money Laundering and Terrorism Financing

In a move aimed at strengthening efforts to combat money laundering and terrorism financing, the Kyrgyz State Financial Intelligence Service, in partnership with the OSCE Co-ordinator of Economic and Environmental Activities, the OSCE Centre in Bishkek, and the World Bank, presented a national risk assessment for the country on February 20, 2015. Senior officials from law enforcement and public sector agencies attended the presentation.

National Risk Assessment Aims to Enhance Anti-Money Laundering Measures

The national risk assessment aims to enhance national legislation, regulations, and measures to tackle money laundering and terrorism financing challenges. The report serves as a valuable reference for financial institutions and designated non-financial businesses in the country.

Importance of National Risk Assessment

“The national risk assessment is a crucial process that enables countries to identify, assess, and understand risks to effectively combat money laundering and the financing of terrorism,” said Ambassador Sergey Kapinos, Head of the OSCE Centre in Bishkek. “The OSCE Centre fully supports the Kyrgyz Government’s efforts to establish an effective system against money laundering and terrorism financing.”

Developed with FATF Recommendations

Developed in line with recommendations by the Financial Action Task Force on Money Laundering (FATF), the national risk assessment is a key step towards improving the country’s anti-money laundering and combating the financing of terrorism regime.

OSCE Centre Supports Kyrgyzstan’s Efforts

The OSCE Centre in Bishkek has been providing assistance to Kyrgyzstan’s financial bodies to adopt modern investigative and countering methods, as well as implement legislation that addresses FATF recommendations. As a result of this support, Kyrgyzstan was removed from the FATF’s ‘grey list’ in July 2014 and is no longer subject to the organization’s monitoring process.

Further Progress Made

In another significant development, the Eurasian Group (EAG) has also removed Kyrgyzstan from its monitoring list, marking further progress in the country’s efforts to combat money laundering and terrorism financing.

Key Points

• The national risk assessment aims to enhance anti-money laundering measures for financial institutions and designated non-financial businesses.
• Developed with recommendations by the Financial Action Task Force on Money Laundering (FATF).
• OSCE Centre provides assistance to Kyrgyzstan’s financial bodies to adopt modern investigative and countering methods.
• Kyrgyzstan removed from FATF’s ‘grey list’ in July 2014.
• Eurasian Group (EAG) also removed Kyrgyzstan from its monitoring list.