NUR-SULTAN – As a result of the “follow the money” mechanism of using parallel financial investigations the traceability of laundered money cases increased fourfold, said Zhanat Elimanov, chairman of the Financial Monitoring Agency (FMA) at the International Forum of the Eurasian Group on Combating Money Laundering and Financing of Terrorism that took place in Nur-Sultan on July 19-20, reports the FMA press service.
Participants of the forum positively evaluated Kazakhstan’s efforts to improve the system for combating money laundering and terrorist financing.
“Both globally and in Kazakhstan, modern challenges and threats determine the priority in the fight against money laundering. To take appropriate measures in this direction, we actively use the institute of parallel financial investigations according to the principle ‘follow the money’,” said Elimanov.
According to him, ensuring stability in the region and addressing the problem of money laundering depends on effective and efficient cooperation between financial intelligence units and law enforcement agencies of the Eurasian Group.
Detection, investigation, and adjudication of criminal cases of money laundering, and legislative regulation of parallel financial investigations, as well as the practical experience of other states, were discussed during the forum.
Kazakhstan will undergo the second round of mutual evaluation by the Eurasian Group in September.
“International experts will come to us and study our legislation and the results of our work. We believe that Kazakhstan will successfully pass this event,” said Elimanov.
The forum has gathered representatives from Belarus, China, Italy, India, Kyrgyzstan, Mongolia, Russia, Tajikistan, Turkmenistan, and Uzbekistan. Delegates and diplomatic missions of international organizations such as the United Nations Office on Drugs and Crime, Organization for Security and Co-operation in Europe (OSCE), Asian Development Bank (ADB), and the Commonwealth of Independent States Bureau of Coordination for Combating Organized Crime also attended the forum.