National Bank of Kazakhstan, the Financial Monitoring Agency and the Agency for Regulation and Development of the Financial Market have agreed to cooperate in fighting the illegal withdrawal of money from the country, according to Erbolat Dossayev, head of the National Bank.
As the official noted, all three agencies have adopted a new algorithm of cross-border operations which have to be subject to intensified financial control. The authorities would stop any operation if they see a violation.
“All these measures meet the best practices the international community has adopted to fight with money laundering; they are aimed at implementation of the KYC or Know-Your-Client principle. This will allow for more transparency in a cross-border outflow of money,” he said.
Dossayev noted that all rights of honest participants of the foreign trade, both residents and nonresidents, won’t be restrained and they can be free to perform their international operations.
On January 11, President Kassym-Jomart Tokayev warned that due to the state of emergency there is a risk some financial and industrial groups may try to withdraw money from the country.