Kyrgyzstan

New Documents

The Organization for Security and Co-operation in Europe in a press release noted that 11 students from Kyrgyzstan participated in an anti-money laundering seminar that took place over five days in Sept. 2021.

The Eurasian Group on Money Laundering issued a press release, praising the Kyrgyz Republic for its formation of a state Financial Intelligence Service.

News

Enforcement Actions

0 Items Found


Important Facts

  • The U.S. State Department labels Kyrgyzstan as a major money laundering jurisdiction. While the country is not a regional financial center, a large shadow economy, corruption, organized crime, and narcotics trafficking make the country vulnerable to financial crime.  For the past five years, known remittances from migrant workers comprised nearly 30 percent of Kyrgyzstan's GDP, and a significant portion of remittances entered the country through informal channels or was hand-carried from abroad. According to the State Department, narcotics trafficking is the main income source for organized criminals in the region. Money laundering also occurs through trade-based fraud, bulk-cash couriers, informal and unregulated value transfer systems, corruption, and purchasing of consumer goods. The State Department notes that Kyrgyzstan is strengthening its efforts to combat money laundering and other financial crimes, but challenges remain to the implementation of significant new laws and regulations. Specifically, the Kyrgyz government passed a new AML law and new criminal legislation to match international standards, but only minimal progress has been made to implement the new legislation. Furthermore, progress was limited in 2020 due to the pandemic resulting in no international cooperation agreements between Kyrgyz regulators and its counterparts. The Kyrgyz Government reports that in 2020, around $2 million was seized and returned to the state budget and around $1.8 in funds were frozen due to money laundering prosecutions and investigations.
Source: 2021 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i | 2013 Methodology

Technical Effectiveness
Compliant : 4 High : 0
Largely Compliant : 35 Substantial : 0
Partially Compliant : 0 Moderate : 9
Non-Compliant : 1 Low : 2

Kyrgyzstan's technical compliance was re-rated in a Nov. 29, 2019 follow-up report

BASEL i

Rank : 85/110
Score : 6.09/10

TRANSPARENCY INTERNATIONAL i

Rank : 124/179
Score : 31/100

Tax Justice Network i

Rank : N/A
Score : N/A