The Financial Monitoring Agency has developed a draft law "On Amending Certain Legislative Acts of the Republic of Kazakhstan on Combating the Legalization (Money Laundering) of Proceeds from Crime and the Financing of Terrorism."
The draft law includes several proposals for legislative amendments. Specifically, it entails:
- Regulating the activities of jewelers and monitoring the compliance of their members with the legislation of the Republic of Kazakhstan;
- Establishing the obligation for financial monitoring entities to provide information, upon the request of the Financial Monitoring Agency, related not only to transactions but also to other data;
- Mandating financial monitoring entities to register on the website websfm.kz (in their personal account) regardless of the availability of information on transactions subject to financial monitoring;
- Increasing the threshold amount for subsoil users and decreasing the threshold amount for jewelry organizations;
- Excluding transactions for the sale of affiliated gold at the National Bank and transactions for the purchase of standard samples of precious metals;
- Establishing a threshold for money and property transactions carried out by a client under a financial leasing agreement in cash or cashless form;
- Regulating the notification procedure for the commencement and termination of activities of accounting organizations and professional accountants;
- Introducing new financial monitoring entities: the state corporation "Government for Citizens," mobile operators, commodity exchange clearing centers, stock exchange clearing centers, and commission stores.
Additionally, the draft law proposes the annual preparation and submission of a National Report on Combating the Legalization (Money Laundering) of Proceeds from Crime and the Financing of Terrorism to the President of Kazakhstan; tightening control over the deviation of declared and actual activities of non-profit organizations, including monitoring the targeted use of provided assistance.
The draft law is developed in accordance with the Concept of Financial Monitoring Development for 2022-2026. Overall, the bill envisages 104 amendments to the following legislative acts:
- Criminal Procedure Code of the Republic of Kazakhstan;
- Entrepreneurial Code of the Republic of Kazakhstan;
- Law "On Combating the Legalization (Money Laundering) of Proceeds from Crime and the Financing of Terrorism";
- Law "On Accounting and Financial Reporting";
- Law "On Precious Metals and Precious Stones";
- Law "On Transport in the Republic of Kazakhstan";
- Law "On State Registration of Legal Entities and Accounting Registration of Branches and Representative Offices";
- Law "On Notaries";
- Law "On Gambling Business";
- Law "On Non-Profit Organizations".
The document is available on the Open NPA website for public discussion until May 20.
