The head of the State Financial Supervision Service Aibek Kadyraliev told why the experts of the Financial Action Task Force on Money Laundering (FATF) want to include Kyrgyzstan in the list of high-risk countries.
According to him, one of the claims is that a risk-oriented approach to financial transactions is not always applied, rather, nowhere, except for commercial banks. In addition, there is a poor work on the return of assets and compensation for damage.
«There are gaps in the legislation — the requirements of FATF are not met. Therefore, the group acknowledged that Kyrgyzstan did not comply with its recommendations and was going to include Kyrgyzstan in the list of high-risk countries. If this happens, sanctions may be imposed against the republic. This is dangerous because each country can apply sanctions at its discretion. This will be unpredictable,» said Aibek Kadyraliev.
Recall, the State Financial Supervision Service submitted to the deputies amendments to the law on combating the money laundering and financing of terrorism for consideration. The document was considered today at the session of the Parliament in the first reading.
Earlier Aibek Kadyraliev said that according to the results of the assessment by experts of the Eurasian Group on Combating Money Laundering and Financing of Terrorism (EAG), Kyrgyzstan has low ratings on 13 out of 40 recommendations of FATF.
«Kyrgyzstan is under increased monitoring of the EAG. The country was given a year to eliminate the shortcomings. Otherwise, Kyrgyzstan can get into the list of high-risk countries. Inclusion in it will negatively affect the reputation of the country, which will entail the application of various financial sanctions,» Aibek Kadyraliev said earlier.