ASTANA—Kazakhstan and the United Arab Emirates (UAE) are strengthening cooperation in combating money laundering and terrorist financing. On Oct. 28, the Financial Monitoring Agency hosted a meeting with a delegation from the UAE National Anti-Money Laundering and Combating Financing of Terrorism and Financing of Illegal Organizations Committee, headed by Secretary-General Hamid Al Zaabi.
The Financial Monitoring Agency members met with a delegation from the UAE National Anti-Money Laundering and Combating Financing of Terrorism and Financing of Illegal Organizations Committee. Photo credit: Financial Monitoring Agency.
During the meeting, the officials discussed prospects for cooperation in combating money laundering. They exchanged views on the digitalization of national risk assessment processes and methods for identifying the illegal use of virtual assets. The meeting attendees discussed drug trafficking, professional money laundering, and the return of illegally withdrawn assets, reported the agency’s press service.
The UAE and Kazakh officials agreed to assist in improving the professional level of participants in the anti-money laundering system of Kazakhstan in the Association of Certified Anti-Money Laundering Specialists (ACAMS).
In June last year, Kazakhstan passed a mutual assessment to comply with FATF (Financial Action Task Force) international standards to tackle money laundering, terrorist financing, and proliferation financing. Kazakhstan has demonstrated an effective system for combating money laundering and terrorist financing. This, in turn, will allow domestic businesses to pass simplified control of cross-border financial transactions.
According to Kazinform, since the beginning of the year, the agency has completed the investigation of 57 criminal cases on financial pyramids with losses totaling nearly 20 billion tenge (US$40.7 million) and approximately 21,500 depositors involved.
