Law enacted by Tokayev to combat money laundering activities
In a significant move to enhance financial security, President Kassym-Jomart Tokayev of Kazakhstan has signed a new law aimed at counteracting money laundering, financing of terrorism, and financing the proliferation of weapons of mass destruction. This law, reported by Liter.kz, cites Akorda, significantly expands the list of financial monitoring subjects.
The new law introduces the concept of "suspicious activity," which will be determined based on the frequency, amount, and direction of money transfers. Daily deposits of the same amount into the same account will be subject to review under the new law.
Financial institutions, legal entities, individual entrepreneurs, certain state bodies, and mobile network operators are now obligated to report suspected cases of laundering criminally obtained income, financing terrorism, and financing the proliferation of weapons of mass destruction following the law signed by President Tokayev.
The Anti-Money Laundering (AMF) is responsible for monitoring suspicious activity in Kazakhstan. Financial monitoring subjects are obligated to report any suspicious activity to the relevant authority. The review of suspicious activities will be conducted by the AMF.
The new law expands the criteria for identifying suspicious activity in financial transactions. It does not specify the exact consequences for engaging in suspicious financial activities or the exact penalties for failing to report suspicious activity.
The new law is intended to counteract the legalization (laundering) of criminally obtained income, prevent financing of terrorism, and prevent financing of the proliferation of weapons of mass destruction. The state corporation "Government for Citizens" is also included in the list of financial monitoring subjects due to the new law.
This move is part of Kazakhstan's ongoing efforts to strengthen its financial system and maintain national security. The new law marks a significant step forward in Kazakhstan's fight against financial crimes and terrorism financing.
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