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New law to allow returning illegal money to Kyrgyzstan from offshore companies

The President of Kyrgyzstan Sooronbai Jeenbekov signed the Law on Counteracting Financing of Terrorist Activities and Money Laundering.

The main purpose of the document is to establish a legal basis for a purposeful, systematic and effective counteraction to the financing of terrorist activities and money laundering.

The law is expected to increase the effectiveness of prevention of financing of terrorist activities and money laundering; to enhance the reputation and investment rating of Kyrgyzstan, including of the financial institutions, as the most reliable, responsible and conscientious partner that will allow them to actively operate in the international financial markets; to create additional mechanisms for counteracting corruption crimes, including for the search and return of funds withdrawn illegally or criminally from the Kyrgyz Republic, including to offshore zones.