A three-day workshop organized by the Eurasian Group on Combating Money Laundering (EAG) with the support of the United Nations Office on Drugs and Crime (UNODC) and the Organization for Security and Cooperation in Europe (OSCE) was held in Bishkek at the end of October 2024 to prepare the Kyrgyz Republic for the third round of mutual evaluations of the country’s national system for combating terrorism financing and money laundering.
The event was held in line with the agreement between UNODC, Financial Action Task Force on Money Laundering (FATF), and Interpol at the 33rd session of the UN Commission on Crime Prevention and Criminal Justice (CCPCJ). “Money laundering, terrorism financing, and their predicate offenses are fueling instability, violence, and exploitation worldwide. Safeguarding financial integrity is vital to promoting peace and security, driving sustainable development, and shielding the most vulnerable, - said UNODC Executive Director Ms. Ghada Waly. “UNODC stands ready to work with governments, the private sector, and our partners at FATF and Interpol to enhance financial and criminal investigations, to dismantle the illegal financial networks that sustain terrorism and transnational organized crime” – she reiterated.
Mutual Evaluations and Their Importance
“Preparing for the upcoming third round of mutual evaluation of the EAG is a priority for Kyrgyzstan, as it will ensure economic development and financial security and increase the international standing of the state,” - stressed Mr. Chyngyz Kenenbaev, Deputy Chairman of the State Financial Intelligence Service of Kyrgyzstan at the opening of the workshop.
Mutual evaluations conducted by the FATF and its style regional bodies, such as the Eurasian Group, are in-depth reports that analyze the implementation and effectiveness of measures to combat money laundering, financing of terrorism, and proliferation of financing of weapons of mass destruction (AML/CFT). These assessments include specific recommendations for further improvement of national systems. “Successful completion of mutual evaluation is important for the states, as it reflects the level of their compliance with the requirements of international standards, which directly affects the country's reputation, its financial stability and the possibility of full cooperation with global partners”, - said Mr. Sergey Teterukov, EAG Executive Secretary.
Key Milestones and Outcomes
The workshop covered essential aspects of preparation for the upcoming evaluation. It brought together representatives from key government bodies and the private sector in Kyrgyzstan, who play a vital role in the national AML/CFT framework.
The event covered key aspects of preparation for the upcoming assessment, bringing together representatives of key Kyrgyz government agencies and the private sector, which play an essential role in the national system of combating money laundering and terrorist financing.
The first two days of the workshop were attended by executives and specialists from the National Bank, the Ministry of Justice, the Ministry of Economy and Commerce, the Ministry of Finance, the Ministry of Digital Development, as well as representatives of the Financial Intelligence Service, State Commissions and Agencies, the Supreme Court, the Prosecutor General's Office, the Ministry of Internal Affairs, the State Committee for National Security and the Security Council. This composition allowed for a comprehensive discussion of strategic and operational issues related to AML/CFT and the role of government agencies. Participants considered legal and institutional aspects of the anti-money laundering system to identify gaps in national legislation and develop practical steps to improve it.
The workshop's final day was dedicated to private sector representatives, including representatives of financial institutions and non-financial businesses and professions, emphasizing the importance of engaging businesses in strengthening measures to prevent illicit financial flows.
UNODC’s Support in AML/CFT/PF
The UNODC is providing meaningful support to Kyrgyzstan in strengthening its capacity and preparing for the upcoming mutual evaluation with financial support from the Russian Federation. Thus, risk assessments have been conducted in the securities, insurance, and virtual casino sectors in 2024. According to Igor Nebyvaev, UNODC expert, the reports identified key threats and proposed mitigation plans. However, Kyrgyzstan should finalize this work in the remaining sectors as soon as possible.
Importance of Coordinated Assistance from International Organizations
Coordination between EAG, UNODC, and OSCE has allowed resources to be channeled to address priority issues identified during the preparation process. Joint actions of international organizations facilitate the exchange of best practices and experience, which helps Kyrgyzstan develop a comprehensive approach to countering illicit financial flows. Head of the UNODC Programme Office, Mr. Andrey Seleznev, noted that such concerted efforts help avoid duplication of activities and ensure effective allocation of resources to implement critical tasks.
Contact Information
For more information on the seminar and future initiatives, please contact the UNODC Programme Office in the Kyrgyz Republic.
