Kazakhstan tightens control over withdrawal of funds from country
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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