AML in Kazakhstan: Progress, Challenges and Future Prospects

Abstract

This academic article aims to analyze the current state and dynamics of developing the Anti-Money Laundering (AML) process in the Republic of Kazakhstan. The article reviews the regulatory frame- work for AML/CFT in Kazakhstan and discusses the government's efforts to combat money launder- ing in the country. The article also examines the role of financial institutions in implementing AML/CFT measures and the challenges faced by them. Based on the study and analysis of the nation- al legislation of the Republic of Kazakhstan, the current problems of the formation and development of a system of counteraction to the legalization of criminal incomes are considered, and as a result, necessary measures will help to realize a necessary level of counteraction in the country. Also, the at- tention is focused on new money-laundering techniques such as using digital assets, which are active- ly used by criminal networks nowadays. In addition, the article highlights the recent developments and initiatives taken by Kazakhstan to strengthen its AML/CFT regime