OREANDA-NEWS. March 21, 2014. Majilis approved in first reading the bill "On amendments to some legislative acts of the Republic of Kazakhstan on counteraction of legalization (laundering) of earnings gained by illegal means and terrorist financing" at the plenary session.

"In connection with paragraph 7 of United Nations Security Council Resolution 1617, UN member states must adhere to the rules of the Financial Action Task Force on Money Laundering (FATF). FATF makes a list of states failing to carry out recommendations. Those states are applied sanctions. Bill is aimed at further implementing the FATF international standards in Kazakhstan. Purpose of the bill is elimination of defects associated with the violation of these FATF standards stated in the Report of the Eurasian group to combat money laundering and terrorism financing," Deputy Prime Minister - Finance Minister Bakhyt Sultanov said introducing the bill.

According to him, the main aim of the amendments is the extension of the list of financial monitoring subjects. Three subjects are added to the list: certified accountants of accountancy bodies; microcredit organizations and operators of electronic money that are not banks.

The Minister also said that the bill is aimed at improving the methods of prevention of money laundering and terrorism financing. An outright ban on the creation of anonymous banks, correspondent relations with them, including opening hidden accounts or anonymous accounts is introduced. Requirements for ownership verification of beneficial ownership are being established. Furthermore, additional requirements to the internal rules of the financial monitoring subjects are being introduced.