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Details of amendments on countering financing of terrorism

26 february 2012, 11:41
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Photo courtesy of nnm.ru
Photo courtesy of nnm.ru
Draft law On ratification of the Agreement of the Eurasian Group on combating money laundering and financing of terrorism was signed into law in late February after being approved by both the Mazhilis (lower chamber) and the Senate. , Tengrinews.kz reports citing Kazakhstan President’s official website.

According to the press-service of Kazakhstan Parliament’s lower chamber cited by Tengrinews.kz, the draft law was submitted by the Majilis Finance and Budget Commission.

Speaking about the novelties of the law Vice-Minister of Finance Ruslan Dalenov mentioned amendments to the Administrative Violations Code, the Tax Code and the special part of the Civil Code.

Amendments were also introduced into the laws On payments and money transfers, On banks and banking activities in Kazakhstan, On securities market and On countering legalization (laundering) of illegally received profits and financing terrorism, including in relation to encashment of money.

According to the Majilis’ press-service, the legal amendments are called to establish legal mechanisms and eliminate the conflict between constitutionally valuable mission performed by the lawyers and their obligation to inform the competent authorities on doubtful financial deals of their clients.

Besides, the new law contains a full list of reasons that substantiate restriction of the right for personal deposits and savings. The law also makes sure that financial information can be claimed, received and used without violation of disclosure rules.

The new law sets reasons for limiting payment of the bank deposit, as well as the goals and the order for submitting the information with insurance secret to authorized body; it also sets the mechanisms excluding organizations or individuals from the list of organizations and people related to financing terrorism and extremism.

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