Kazakhstan and UAE Strengthen Collaboration Against Money Laundering and Terrorist Financing
ASTANA—Kazakhstan and the United Arab Emirates (UAE) are working together to strengthen cooperation in combating money laundering and terrorist financing. A recent meeting was held on Oct. 28 at the Financial Monitoring Agency, where a delegation from the UAE National Anti-Money Laundering and Combating Financing of Terrorism and Financing of Illegal Organizations Committee, led by Secretary-General Hamid Al Zaabi, discussed various aspects of cooperation in this area.
The officials exchanged views on the digitalization of national risk assessment processes and methods for identifying the illegal use of virtual assets. They also addressed issues such as drug trafficking, professional money laundering, and the return of illegally withdrawn assets. The goal of the meeting was to enhance collaboration and improve the professional level of participants in Kazakhstan’s anti-money laundering system through the Association of Certified Anti-Money Laundering Specialists (ACAMS).
It is worth noting that Kazakhstan has made significant progress in combating money laundering and terrorist financing. Last year, the country underwent a mutual assessment to comply with FATF international standards, demonstrating an effective system for tackling financial crimes. This achievement will facilitate smoother cross-border financial transactions for domestic businesses.
According to Kazinform, the Financial Monitoring Agency has been actively investigating cases of financial pyramids, with losses totaling nearly 20 billion tenge (US$40.7 million) and involving approximately 21,500 depositors since the beginning of the year. This underscores the importance of continued efforts to combat financial crimes and protect the integrity of the financial system.