Kazakhstan

New Documents

Kazakhstan Hosts Workshop for EAG Member States on Regulating Digital Assets

The Ministry of Finance of the Republic of Kazakhstan hosted a virtual workshop on developments in the domestic and international regulation of digital assets on Feb. 28, 2020.

June 10, 2020

Kazakhstan, UNODC Discuss AML/CTF Cooperation

The Eurasian Group announced that Kazakhstan and United Nations Office on Drugs and Crime agreed to cooperate on combating money laundering, terrorist financing, and illegal drug trafficking.

June 3, 2020

Basel Institute Publishes Report on Corruption in Kazakhstan

January 24, 2019

Kazakhstan Participates in Joint FATF, MENAFATF Plenary Meeting

August 2, 2018

DFSA Signs MoU on Cooperation, Information Exchange with Astana Financial Services Authority

July 2, 2018

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, 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. A follow-up action plan includes proposals to bring Kazakhstan more into compliance with international anti-money laundering standards. No money laundering prosecution or conviction statistics are available for 2019, but the number of money laundering investigations and prosecutions has historically been low.
Source: 2020 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