OSCE supports training seminar on use of e-money and crypto currency in combating money laundering and financing of terrorism

ASTANA, 21 July 2015 - A two-day training seminar on the risks associated with the use of electronic money and crypto currency in the context of combating money laundering and the financing of terrorism started today in Astana. The event was co-organized by the OSCE Programme Office in Astana and the Committee of Financial Monitoring under the Ministry of Finance of Kazakhstan.

Under the guidance of an OSCE-facilitated expert, some 20 representatives of the Committee of Financial Monitoring learned about the latest trends and developments in the use of e-money and crypto currency. The training modules covered anti-money laundering basics in e-money systems, risk-based approaches, customers due diligence, instruments in reporting suspicious transactions, as well as international co-operation and mutual legal assistance.

Mirco Guenther, Deputy Head of the OSCE Programme Office in Astana, said, “The OSCE works to assist Kazakhstan in further developing efficient and flexible response mechanisms to emerging security challenges. Today’s training seminar offers a comprehensive update on the latest developments and international best practices in the field of combating money laundering and the financing of terrorism.”

Aidar Mekebekov, Deputy Chairman of the Committee of Financial Monitoring, noted that this joint seminar was the first of its kind that addresses this topic.

“While using electronic money is convenient for consumers, this payment method also involves risks related to money laundering and the financing of terrorism. Using the guidelines developed by the Financial Action Task Force (FATF) will help minimize these risks,” Mekebekov said.

The workshop is a follow-up to the Programme Office’s multi-year activities in the field of good governance, anti-money laundering and countering the financing of terrorism.