Kazakhstan

New Documents

OSCE Supports STR Training Seminar in Kazakhstan

The Organization for Security and Cooperation in Europe announced that it supported a two-day training seminar on suspicious transaction reporting in Nur-Sultan, Kazakhstan for some 180 participants.

May 14, 2021

EAG Meets with Kazakhstani Counterpart to Discuss AML/CTF Compliance

The Eurasian Group on Combatting Money Laundering participated in a virtual hearing with the Republic of Kazakhstan on strengthening Kazakhstan’s efforts to combat money laundering and seizing proceeds of crime.

May 5, 2021

EAG Hosts AML/CTF Workshop to Review Kazakhstani Compliance

May 5, 2021

EAG: Kazakhstan Establishes Financial Monitoring Agency

February 2, 2021

OSCE Provides AML Training to Kazakhstan

November 25, 2020

News

Kleptocrats of the World Have United: Author

Financial Times correspondent Tom Burgis spoke to senior reporter Koos Couvée about modern kleptocrats, the extent to which they have united their efforts, and aided by top attorneys and secret offshore finance, penetrated “rule of law” states in the West.

October 5, 2020

Midweek Roundup: US Authorities Fine South Korean Bank, Hong Kong Penalizes Chinese Lender, and More

Moneyval delays Vatican evaluation amid COVID-19 pandemic, Council of Europe warns of scams targeting medical R&D, and more, in the midweek roundup.

April 22, 2020

Midweek Roundup: UK Plans AML Tax, White Supremacists Publish Confidential Financial Intelligence Memo Online, and More

March 11, 2020

Midweek Roundup: Deutsche Bank Gives Trump Records to US Lawmakers, New York Launches Swedbank Investigation, and More

March 27, 2019

Weekly Roundup: UK Startup Disabled Transaction Filters, US Legislation Would Boost FinCEN Resources, and More

March 1, 2019

Enforcement Actions

0 Items Found

Key Documents

Kazakhstan Enacts Law Against Money Laundering, Terrorist Financing

August 28, 2009

Kazakhstan Makes Legislative Changes to Implement AML/CTF Measures

August 28, 2009

Kazakhstani Regulators Approve Client Identification Requirements Under AML/CTF Law

February 15, 2010

Kazakhstan Implements Uniform AML/CTF Internal Control Rules

February 15, 2010

Ministry of Kazakhstan Issues Rules on Suspension of Suspicious Transactions

February 16, 2010

Important Facts

  • The U.S. State Department labels Kazakhstan as a major money laundering country. Governmental corruption, drug trafficking, the presence of organized criminal groups, and a large shadow economy make the country vulnerable to money laundering. The jurisdiction is also a transit country for opiates and cannabis on the way to Europe, and is particularly susceptible to trade-based money laundering. The primary sources of laundered proceeds are graft by public officials and fraudulent financial activity, including transactions using shell companies to launder funds returned in the form of foreign investments. In addition, the smuggling of contraband goods and fraudulent invoicing of imports and exports by businesses remain common practices. The use of virtual currencies, online credit card fraud, and online casinos make it difficult to investigate and prosecute money laundering in Kazakhstan because their use often originates beyond the nation’s borders. In 2019, Kazakhstan completed its national risk assessment to evaluate the exposure of its financial sector to money laundering and terrorist financing. In 2020, the country adopted terrorist financing-related amendments to its anti-money laundering and counterterrorist financing law in order to bring the country in compliance with international standards. Kazakhstan prosecuted 20 cases following a record number of suspicious transaction reports; however, there were no convictions for money laundering.
Source: 2021 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i

Technical Effectiveness
Compliant : 16 High :
Largely Compliant : 18 Substantial :
Partially Compliant : 12 Moderate :
Non-Compliant : 1 Low :
Not-Applicable : 2

BASEL i

Rank : 73/141
Score : 5.08/10

TRANSPARENCY INTERNATIONAL i

Rank : 113/180
Score : 34/100

Tax Justice Network i

Rank : 108/133
Score : 64/100