Kyrgyzstan presents OSCE-supported risk assessment in money laundering and financing of terrorism
The Kyrgyz State Financial Intelligence Service in co-operation with the OSCE Co-ordinator of Economic and Environmental Activities, the OSCE Centre in Bishkek, and the World Bank presented an assessment of national risks in money laundering and financing of terrorism in the Kyrgyz Republic on 20 February 2015. Senior officials from law enforcement and public sector agencies also participated in the presentation.
The national risk assessment seeks to improve national legislation, regulations and measures to address the challenges of money laundering and financing of terrorism. It is also a useful reference for financial institutions and designated non-financial businesses.
“National risk assessment is the process which allows countries to identify, assess and understand risks to effectively combat money laundering and the financing of terrorism,” said Ambassador Sergey Kapinos, the Head of the OSCE Centre in Bishkek. “The OSCE Centre in Bishkek fully supports the efforts of the Kyrgyz Government in its attempt to establish an effective system against money laundering and the financing of terrorism.”
The national risk assessment was developed as part of the recommendations by the Financial Action Task Force on Money Laundering (FATF).
The OSCE Centre in Bishkek is supporting Kyrgyzstan’s financial bodies to adopt modern investigative and countering methods, and implement legislation that addresses FATF recommendations.
As a result of the Centre’s assistance Kyrgyzstan was removed from the FATF’s ‘grey list’ in July 2014 and is no longer subject to the FATF’s monitoring process under its ongoing global process of compliance with requirements on anti-money laundering and combatting the financing of terrorism. In a related, more recent achievement, the Eurasian Group (EAG) removed Kyrgyzstan from their monitoring list.