Press release

Russia and Kazakhstan exchanged best practices of application of international standards in the sphere of combating money laundering and financing of terrorism.

Today (Republic of Kazakhstan) with the support of the Eurasian group on combating money laundering and financing of terrorism (ЕАG) Almaty has hosted the Consultations forum of Russia and Kazakhstan «Problems of financial security of private sector and best practices of application of international standards in the field of counteraction of legalization of criminal incomes and terrorism financing (AML/CFT)». Representatives more than 40 leading banks and other financial organizations of two countries, and also experts of supervising and regulating bodies participated in the Forum.

Consultations became one of the first actions of the Plenary week of EAG, which is held in Kazakhstan from May 31st till June 3rd, with participation of representatives more than twenty states and international organizations engaged in the international system AML/CFT.

The Consultations forum was opened by Musiraly Utebaev, the Chairman of the Financial monitoring committee of the Ministry of Finance of the Republic of Kazakhstan. He has noticed that ЕАG Plenary session in Almaty is important, it is some kind of unique event for Kazakhstan, especially considering the forthcoming mutual estimation of national system AML/CFT of the Republic by the ЕАG experts about its conformity to the international standards. Following the results of estimation it is planned to develop recommendations about perfection of «anti money laundering» regime in Kazakhstan.

ЕАG Executive Secretary Igor Nebyvaev, who commented on FATF approaches and ЕАG practice concerning the estimation of risks for the organizations of private sector to counteract of legalization of criminal incomes and terrorism financing, has taken part in Consultations. According to I.Nebyvaev, the partnership of private sector with state structures plays the important role in the development of effective «anti money laundering» system in the country. In the conditions of AML/CFT national regime formation in Kazakhstan the Executive secretary of ЕАG has underlined an urgency of use by the organizations of private sector of the international approaches, first of all FATF and regional groups as FATF. At the same time the co-chairman of Working group EAG on estimations and legal questions, the chief of Legal management of Rosfinmonitoring Pavel Livadny has underlined that in Kazakhstan the actual law about AML/CFT is created. The experts of ЕАG, the World Bank and International monetary fund have assisted much.

Joint consultations of representatives of financial sphere of two states have shown that the partnership of private sector with regulating bodies with a view of AML/CFT can promote increased efficiency of national «anti money laundering» systems, i.eto bring real advantage to national economy and bank sector. According to participants of consultations, the business community of the region is interested in performance of the international standards that results in strengthened reputation of certain companies and – as a result increased investment appeal of national economies.

«The Law on counteraction to legalization of ill-gotten proceeds and terrorism financing» that came into force in March will not interfere with the work of fair business. It is directed at revealing of schemes of penetration of incomes from illegal activity to the national economy. Now Kazakhstan seriously prepares for a mutual estimation of the system of counteraction to washing up of criminal incomes and financing of terrorism by ЕАG experts which should begin this year», - Musiraly Utebaev has informed at Forum.

Results of research «Influence of the problem of money-laundering on efficiency of economy. Opinion of business community of Kazakhstan» have been presented to the participants of the Forum. This research was held by "Interfax" Economic Analysis Center. The data of expert interrogation of representatives of private sector of Kazakhstan has shown interest of business community in development of national system AML/CFT and interaction in these purposes with regulators. The private sector realizes that coming into force of the law of Kazakhstan about AML/CFT is an important step of the state on a way to integration in international «anti money laundering» system, which is urged to have positive influence on development of national economy and legal business. At the same time experts admitted that cooperation with the international organizations with a view of perfection of national system AML/CFT is an important direction for Kazakhstan. In this sense the forthcoming mutual estimation of ЕАG will bring the considerable contribution to harmonization of «anti laundering» regime of Kazakhstan and will bring it in conformity with the international standards.

Following the results of the Consultations forum organizations of private sector and regulating bodies of ЕАG member states have been offered the following recommendations:

1. The financial and not financial organizations that are obliged to take measures with a view of AML/CFT: in the conditions of formation of uniform economic space and customs regulation with participation of Kazakhstan and Russia it is recommended to give particular attention to carrying out of the transboundary calculations connected with commodity streams between two states, and also appropriate check of clients – participants of foreign trade activities.
2. The financial and not financial organizations that are obliged to take measures on AML/CFT: with a view of maintenance of "transparency" of operations with money resources, securities and other property it is recommenced to pay special attention to operations with offshore jurisdictions, and also the jurisdictions which are under FATF monitoring.
3. The regulating bodies: in the conditions of development and distribution of new technologies and ways of payments, including without personal presence of the client it is recommended to give particular attention to payments by means of "e-cash" and other alternative ways of not bank payments, including payments with use of terminal devices. In this connection it is expedient to consider the problem on perfection of state regulation of electronic not bank payments taking into account the international standards.
4. The regulating bodies: in the conditions of increased demand of not bank services regarding not bank short-term loan and crediting of citizens it is recommended to consider the problem on necessary perfection of state regulation and control for the specified spheres.

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Record of the Consultations forum see on ЕАG site::

The Eurasian group on combating money laundering and terrorism financing (ЕАG) unites the states of the Eurasian space for realization of joint efforts on struggle against economic criminality and decrease in threat of the international terrorism. Activity of ЕАG as Eurasian centre on counteraction to legalization of criminal incomes is directed at security of national economies of member states of the Group, increased transparency of financial systems, reduced share of their shadow component, and also increased investment appeal of the countries at international scene.

Now the Eurasian group includes seven states: Byelorussia, Republic of Kazakhstan, People's Republic of China, Kirghiz Republic, Russian Federation, Republic of Tajikistan and Republic of Uzbekistan. The detailed information is accessible on the site of organization: