Deputies of the Senate Committee on Finance and Budget at an extended meeting considered the Law «On Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Issues of Combating the Legalization (Laundering) of Criminally Obtained Incomes, Financing of Terrorism and Financing the Proliferation of Weapons of Mass Destruction».
The document is aimed at adapting national legislation to the modern realities of the financial market, increasing the efficiency of financial monitoring and implementing international standards for combating money laundering and terrorist financing.
The law provides for the issue of exclusively registered securities, a revision of the concept of «impeccable business reputation», a distinction between the concepts of «national risk assessment» and «sectoral risk assessment», a ban on the establishment of shell banks, the introduction of an automated system for risk identification of clients, and an expansion of the range of financial monitoring entities, including mobile operators, clearing centers and the National Agency «Government for Citizens». New threshold amounts are introduced for transactions with money, property and digital assets, the rules for excluding persons from the list associated with the financing of terrorism are clarified, and the responsibilities of the Financial Monitoring Agency for monitoring risky entities are established.
The law also introduces new concepts such as «financing weapons of mass destruction», «foreign trust», «scoring module» and «personal account», and establishes an obligation to submit reports of suspicious activity, which is in line with the Concept for the Development of Financial Monitoring for 2022–2026.
Following the meeting, the Committee members decided to forward the Law to the Chamber for consideration.
(Press Office of the Senate, 74-72-27. Photo by: A. Baizhumanov)
