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Astana, Kazakhstan • 15 December 2023

Kazakhstan, UAE Strengthen Cooperation in Combating Financial Crimes

The partnership is set to intensify efforts in recovering illegally acquired assets

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Freepik/diana-grytsku
Freepik/diana-grytsku

During the visit of the delegation from the UAE's Executive Office of the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) to Astana, a Memorandum of Understanding was signed with Kazakhstan's Financial Monitoring Agency (FMA), aiming to strengthen cooperation in combating financial crimes, QazMonitor reports citing the FMA’s press service.

Financial Monitoring Agency
Financial Monitoring Agency

The document outlines cooperation across four key areas:

Virtual Assets: The involved parties will actively exchange information on current risks and advanced practices in regulating and identifying criminal schemes within the realm of virtual assets.

Public-Private Partnership: Representatives from both countries will collaborate in developing mechanisms for exchanging information between the public and private sectors, enhancing the effectiveness of identifying and preventing financial crimes.

Joint Training Events: A series of joint training events are planned to enhance the expertise of domestic experts.

Return of Illegally Acquired Assets: The collaboration is poised to intensify efforts in recovering illegally acquired assets.

This Memorandum of Understanding signifies a significant step towards strengthening cooperation between the UAE Executive Office and the Financial Monitoring Agency of Kazakhstan in bolstering bilateral efforts against transnational financial crimes.

The Executive Office of the Anti-Money Laundering and Countering the Financing of Terrorism in the UAE was established in 2021 and is tasked with overseeing the implementation of the National Anti-Money Laundering and Counter-Terrorist Financing Strategy, as well as the National Action Plan of the UAE.

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