New Legislation Signed to Combat Terrorism and Money Laundering
President of Kyrgyzstan, Sadyr Japarov, recently signed a new law aimed at strengthening the country’s efforts to combat the financing of criminal activities. The Law “On Amendments to the Law of the Kyrgyz Republic on Combating the Financing of Terrorist Activities and Money Laundering” was passed by the Parliament on December 12, 2024.
The main goal of this law is to establish a legal framework that will enhance the effectiveness of the fight against the financing of organized criminal groups and communities, using the mechanisms already provided for in existing legislation.
Key changes introduced by the new law include broadening the term “financing of criminal activity” to replace the previous terms related to terrorist or extremist activities and the proliferation of weapons of mass destruction. Additionally, law enforcement and national security agencies are now required to conduct financial investigations into all aspects of criminal activities.
Furthermore, the law mandates the exchange of information among various agencies, including law enforcement, national security, prosecution, and financial intelligence agencies, not only during the investigation stage of criminal cases, but also during operational-search activities.
One significant provision of the new law is the ban on registering transactions involving real estate, movable property, and intellectual property owned by individuals on the Sanctions List. Government agencies responsible for registering such transactions are now obligated to enforce targeted financial sanctions and implement measures to suspend suspicious transactions.
Moreover, measures aimed at ensuring transparency regarding the beneficial owners of legal entities have been extended to cover branches or representative offices of foreign entities. Financial institutions and non-financial organizations are now required to report any suspicious transactions related to the financing of criminal groups, organized communities, or the proliferation of weapons of mass destruction to the financial intelligence unit.
Overall, the new law represents a significant step forward in Kyrgyzstan’s efforts to combat illicit financial activities and strengthen national security.
