Kazakhstan tightens control over withdrawal of funds from country

BAKU, Azerbaijan, Jan. 12

Trend:

Control over the withdrawal of funds from the country has been strengthened in Kazakhstan, said the chairman of the National Bank of Kazakhstan Erbolat Dossaev, Trend reports.

'The head of state noted that in connection with the introduction of the state of emergency, the risk of capital withdrawal abroad has increased. In this regard, the National Bank, together with the Agency for Financial Monitoring and the Agency for Regulation and Development of the Financial Market, on January 10 of this year adopted a joint order to strengthen control over the illegal withdrawal of money from the country,' Dossaev said at a government meeting.

According to him, in accordance with the above order, an algorithm of actions on applications for conducting transactions was adopted, as well as a list of cross-border transactions subject to enhanced financial monitoring was approved.

In case of obvious violations of the requirements, such operations will be promptly suspended.

'The measures taken are based on the best world practice in the fight against money laundering and fully implement the principles of KYC (know your client). This will ensure greater transparency of cross-border capital flows. I want to confirm that conscientious participants in foreign economic activity, including residents and non-residents, will not be infringed on their rights and limited in their international operations,' the chairman concluded.

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