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Kyrgyzstan achieves progress in combating money laundering

President of Kyrgyzstan Sadyr Japarov received Kanatbek Turgunbekov, Chairman of the State Financial Intelligence Service, today. Press service of the head of state reports.

Information on measures taken to combat money laundering and financing of terrorist activities was heard. Kanatbek Turgunbekov told about the positive results of consideration of the second report on the progress of Kyrgyzstan at a regular plenary meeting of the Eurasian Group on Combating Money Laundering and Financing of Terrorism (EAG). Participants of the meeting noted significant progress of the country in improving the system of countering financing of terrorist activities and money laundering.

A decision was made to increase the ratings of Kyrgyzstan on 13 positions.

Sadyr Japarov noted the importance of stepping up coordination of interdepartmental interaction of the State Financial Intelligence Service with the Tax Service, the State Registration and Personnel Services. The president asked the agencies to jointly establish, as soon as possible, electronic databases and financial monitoring mechanisms «Public Officials» and «Beneficial Owners of Legal Entities» in accordance with the provisions of the UN Convention against Corruption and recommendations of the Financial Action Task Force on money laundering (FATF).

Sadyr Japarov noted the need to take effective measures as soon as possible to reduce the risks of money laundering and financing of terrorist activities, as well as to search for and return assets withdrawn from the country by illegal or criminal means. He also noted the importance of establishing close interaction between the State Financial Intelligence Service and the business community to introduce mechanisms of good management, ensure financial transparency, increase the rating and investment attractiveness of the country.

«The President drew attention to the development of a medium-term strategy for development of a national system for countering financing of terrorist activities and money laundering, which, first of all, should be aimed at reducing the level of corruption and shadow economy,» the statement says.

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