Kyrgyzstan

New Documents

EAG Publishes Follow-Up Report on AML/CTF Regime of Kyrgyzstan

The Eurasian Group on Money Laundering issued a fourth follow-up report on the Kyrgyz Republic’s efforts to strengthen anti-money laundering and counterterrorist financing measures, noting that the jurisdiction’s compliance was re-rated in two areas.

December 21, 2022

OSCE Publicizes AML Training for Students in Kyrgyzstan

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.

September 17, 2021

EAG Commends Kyrgyz Republic for AML/CTF Work

September 10, 2020

EAG: Kyrgyz Republic Adopts Resolution on Remote Customer Due Diligence

May 18, 2020

EAG Follow-Up Report Re-Rates Kyrgyzstan’s Compliance with FATF Recommendations

January 23, 2020

News

Weekly Roundup: EU Mulls Secondary Sanctions, Binance Turns Gaze Towards Britain, and More

U.K. payments firm’s seed cash tied to organized crime, U.S. lawmakers urge White House to blacklist Hong Kong judges, and more, in the weekly roundup.

May 12, 2023

Weekly Roundup: Hunter Biden Wants SAR Leak Investigation, FinCEN Bolsters BSA Database Safeguards, and More

FINRA flags ACATS fraud, Cyprus fears U.S. sanctions, and more, in the weekly roundup.

May 1, 2023

Midweek Roundup: Deutsche Bank Severs Soccer Club Ties, ‘Abu the Bee’ Accused of Financing Terrorism, and More

October 19, 2022

Weekly Roundup: OFAC Blacklists Putin’s Money Man, FinCEN Seeks Comment on No Action Letters, and More

June 3, 2022

Weekly Roundup: Binance Withholds AML Cooperation, India Targets Human Hair Exports, and More

August 27, 2021

Enforcement Actions

0 Items Found

Key Documents

Kyrgyz Republic Defines Money Laundering, Corruption

February 13, 2006

Kyrgyzstan Enacts Anti-Money Laundering, Counterterrorist Financing Law

July 25, 2012

Kyrgyz Republic Establishes Financial Intelligence Unit

December 29, 2005

Kyrgyz Republic Outlines Responsibilities for Banking Sector

May 26, 2009

Kyrgyzstan Requires Micro-Finance Companies to Comply with Certain Obligations

April 26, 2013

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 : 34 Substantial : 0
Partially Compliant : 2 Moderate : 9
Non-Compliant : 0 Low : 2

Kyrgyzstan's technical compliance was re-rated in a Dec. 21, 2022 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