The Action on “Promoting Transparency and Action against Economic Crime” supported the Financial Intelligence Service (SFIS) and the National Bank of the Kyrgyz Republic (NBKR) in their efforts to enhance transparency of the beneficial owners of legal entities and legal arrangements through organising three training activities on “Beneficial Ownership and Transparency of Legal Entities” in Bishkek on 25-28 April 2023.
The activity brough together 93 representatives of the SFIS, the NBKR and financial institutions, commercial banks, non-banking financial institutions and the designated non-financial businesses and professions (DNFPBs).
The training activities helped the representatives of Kyrgyz institutions to improve their knowledge of beneficial ownership and enhance their skills in identifying beneficial ownership through case studies and breakout sessions. The participants learned the requirements of approaches in collecting information on beneficial ownership; procedures for identifying beneficial ownership; the challenges in obtaining information; the typologies of misuse of legal persons, and recent developments adopted in other jurisdictions. Moreover, the financial monitoring entities increased their understanding of liability to send a qualitative suspicious transaction report relating to beneficial ownership to the Financial Intelligence Unit. The presented good practices in Anti-Money Laundering and Combating Financing of Terrorism enriched the supervision skills of the national regulatory authorities.
This activity was organised by the Action on “Promoting Transparency and Action against Economic Crime” of the Central Asia Rule of Law Programme 2020-2023, a joint initiative co-funded by the European Union and the Council of Europe and implemented by the Council of Europe.
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.
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.
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.
Kyrgyz authorities enhance capacity in fighting money laundering by improving the transparency of beneficial owners of legal entities
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