Kyrgyzstan Makes Strides in Money Laundering Prevention: Upgraded Ratings onRecommendation 8 and Recommendation 15
The Kyrgyz Republic has earned recognition for its progress in addressing the technical compliance shortcomings identified during its 2020 mutual evaluation. In a notable development, the Financial Action Task Force (FATF) announced that the country has been upgraded on two key recommendations following its recent assessment.
Improved Ratings on Recommendation 8 and Recommendation 15
- Recommendation 8: The Kyrgyz Republic’s Recommendation 8—Related and Connected Persons—has advanced from ‘partially compliant’ to ’largely compliant.’
- Recommendation 15: Its Recommendation 15—Beneficial Ownership—has improved from ‘partially compliant’ to ’largely compliant.’
Continued Efforts to Strengthen AML/CFT System
Despite this significant achievement, the country’s financial watchdogs continue to pursue further developments in AML/CFT regulations. The Kyrgyz Republic remains under enhanced monitoring by the FATF, requiring it to continue reporting on its efforts to strengthen its Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) system.
Quote from the FATF: “The FATF’s shift in rating for these recommendations is a clear indication of the Kyrgyz Republic’s commitment to making substantial improvements.”
Importance of International Cooperation and Collaboration
As the nation celebrates these upgraded ratings, it also acknowledges the essential role of international cooperation and collaboration in advancing its progress. Maintaining a robust financial system resilient against illicit activities is crucial in the global focus on combating financial crimes and the increasingly complex nature of money laundering schemes.
In summary, the Kyrgyz Republic’s progress in improving its Recommendation 8 and Recommendation 15 represents a significant step forward in its efforts to strengthen its AML/CFT system. The country’s commitment to making substantial improvements and the ongoing international collaboration are vital components in its sustained success in this area.