OSCE Centre applauds Kazakhstan's legal moves to combat money laundering and terrorism financing

ALMATY, 10 November 2005 -Kazakhstan's recent legislative initiatives to combat money-laundering and the financing of terrorism were praised today during a roundtable on this issue, organized by the Centre in Almaty.

One of the draft provisions would establish a specially authorized body, entrusted with broad powers to access and analyze data, as well as to act on suspicious transactions involving money or other assets.

The establishment of such a unit is one of the key elements in eliminating money laundering and the financing of terrorism, said the Head of the OSCE Centre in Almaty, Ambassador Ivar Vikki.

"However, it is crucial that the system itself has sufficient operational independence and autonomy to remain free from undue political influence or control, as recommended by a number of international documents", he added.

These include the so-called "40+9 Recommendations" of the Financial Action Task Force, an inter-governmental body set up to promote policies to combat money laundering and the financing of terrorism.

"Safeguards might include provisions for autonomous and independent investigations, public credibility and accountability, protection of information and a reliable judiciary", said Ambassador Vikki.

The roundtable was attended by over 100 representatives of the OSCE and the Kazakh Government and Parliament, public organizations, and international experts and financiers.

They reviewed international documents and best practices, as well as sharing their views on the draft money laundering and terrorism financing legislation, currently under discussion in the lower chamber of Parliament.