Enhancing risk-based supervision of designated non-financial businesses and professions in Kazakhstan

Promoting transparency and action against economic crime

Over the recent years the countries of Central Asia have pursued reforms designed to prevent and punish corrupt practices in order to improve business climate in the region and promote sustainable economic development for the benefit of all. The present Action aims to contribute to improving the conditions for businesses and to enhancing the quality of anti-corruption systems across the region. The Action comprises two components: 1) Business integrity and compliance; 2) Anti-corruption, anti-money laundering and asset recovery systems.

Business integrity and compliance

Enhancing transparency, business integrity and the protection of rights of entrepreneurs is one of the priorities of the countries of the Central Asian region. The current Action focuses on establishing mechanisms and enhancing capacities to address extortion and solicitation from businesses, reducing administrative barriers and enhancing compliance across the business sector. On the regional level, the aim of the intervention is to establish effective mechanisms for sharing good practices and to contribute to developing a clearer understanding of the common regional and cross-border corruption risks facing the business sector. On the national level, the Action focuses on the specific priorities of the respective countries in the abovementioned thematic areas and seeks to provide tailor-made assistance to reforms.

Anti-corruption, anti-money laundering and asset recovery systems

Work in this area concentrates on improving mechanisms and capacities of authorities, including law enforcement, to prevent and tackle corruption, money laundering and economic crime as well as on strengthening national systems to combat money laundering and terrorism financing. The regional dimension of the component includes conducting studies on corruption and economic crime focusing on specific regional risks and threats, and regional cascade training programmes for law enforcement personnel and civil service staff. The national dimension focuses on the specific needs and demand, depending on the national contexts and reform processes.

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Back Enhancing risk-based supervision of designated non-financial businesses and professions in Kazakhstan

In the areas of anti-money laundering and countering terrorism financing (AML/CFT), supervisory authorities of the Republic of Kazakhstan improved their capacities in risk-based supervision of designated non-financial businesses and professions (DNFPBs through three workshops held in Astana from 26 to 29 March 2024).

The first workshop (26-27 March) brought together 15 representatives from seven supervisory authorities, including the Financial Monitoring Agency (FMA), Agency for Protection and Development of Competition, Astana International Financial Centre (AIFC), Ministry of Trade and Integration, Ministry of Tourism and Sport, Ministry of Finance (Committee of the Internal Public Audit) and Ministry of Justice. The other two workshops (28 and 29 March) were attended by around 130 representatives of DNFPBs (77 in person and more than 50 online) including accountants, lessors, jewellers, realtors, legal consultants, lawyers, notaries, commodity exchanges, the gambling sector, and auditors.

Through these activities the supervisory Kazakh authorities improved their understanding of the Financial Action Task Force (FATF) standards and obligations for effective risk-based supervision of DNFBPs. Moreover, the representatives of the DNFBPs also increased their awareness of international best practices in meeting their obligations.

This activity was organised by the Action on “Promoting Transparency and Action against Economic Crime” in the framework of the Central Asia Rule of Law Programme 2020-2024, a joint initiative co-funded by the European Union and the Council of Europe and implemented by the latter. The Action is aimed at strengthening capacities to fight and prevent economic crime in five Central Asian countries (Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Kazakhstan).

ASTANA, KAZAKHSTAN 26-29 MARCH 2024