A meeting of the Inter-departmental Working Group on the issues of mutual evaluation of the national system for anti-money laundering and combatting the financing of terrorism (AML/CFT) of the Republic of Kazakhstan has taken place today. The meeting took place at the Astana International Financial Center (AIFC) and was chaired by First Deputy Head of the Presidential Administration of the Republic of Kazakhstan Timur Suleimenov.
The meeting is part of the planned activities to assess compliance of the regime of the Republic of Kazakhstan and the AIFC with international AML/CFT standards within the framework of the Eurasian Group on Combating Money Laundering and Financing of Terrorism (EAG).
During 2021–2022, with the direct participation of the Financial Monitoring Agency of the Republic of Kazakhstan, the AIFC financial regulator (AFSA) has implemented the main measures aimed at strengthening the AML/CFT regime and increasing the level of technical compliance with the requirements of the Recommendations of the Financial Action Task Force (FATF).
AFSA applies a comprehensive risk-based approach to effectively allocate resources for the implementation of measures in accordance with the FATF Recommendations. The AIFC regime in the field of AML/CFT is provided by a multi-level system of supervision and control.
Risk-based supervision allows for the application of preventive measures, strengthening transparency and accessibility of information on the beneficial ownership of legal persons and entities, and ensuring international cooperation. AFSA uses advanced blockchain solutions for data and transaction analytics, as well as international databases for keeping records of individuals and legal entities associated with money laundering, terrorist financing and other financial crimes.
“We highly appreciate the EAG's efforts to assist member states in the implementation of the 40 FATF Recommendations. The results of typological research allow us to identify the most high-risk areas and sectors and build an effective risk management methodology. As a result of the work carried out to date, AML/CFT requirements are reflected and detailed in more than 80 AIFC Acts that regulate various areas of our participants’ activities, - AIFC Governor Kairat Kelimbetov noted in his report. - According to the AML/CFT Law of the Republic of Kazakhstan, AIFC participants are subjects of financial monitoring, and AFSA as our Financial Regulator is designated as the body that controls their compliance with the current AIFC law on AML/CFT issues.”
It is worth noting that in August this year, the Organisation for Economic Cooperation and Development (OECD) published a report in which it recognised the compliance of the AIFC tax regime with global tax transparency standards. This recognition is an important step in demonstrating the AIFC's compliance with global standards of transparency, including tax transparency.
The Astana Financial Services Authority (AFSA) is the independent regulator of the Astana International Financial Centre (AIFC), which is established in accordance with the Constitutional Law of the Republic of Kazakhstan “On the Astana International Financial Centre” for the purposes of regulating financial services and related activities in the AIFC. AFSA administers the AIFC Regulations and Rules and is responsible for the authorisation, registration, recognition and supervision of financial firms and market institutions in the AIFC.
Over 1,500 firms from 65 countries are registered in the AIFC. These firms provide banking, insurance, investment, professional and other services. The range of financial services offered at the AIFC is comparable to the list of services available in long-established financial centers of the world, such as London, Hong Kong, Singapore, Dubai and others. www.afsa.kz
The Astana International Financial Centre (AIFC) is an independent jurisdiction that began operations in 2018. In accordance with the 2025 Development Strategy, the key task of the AIFC is to consolidate as a universal platform connecting the countries of the EAEU, Central Asia and South Caucasus. www.aifc.kz