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President of Kazakhstan Nursultan Nazarbayev have signed the amendments to the law “On ratification of the Convention on Laundering, Search, Seizure and Confiscation of the Proceeds from Crime”, Tengrinews reports.
The Convention was adopted on 8 November 1990 in Strasbourg. Kazakhstan joined the Convention on May 2, 2011. Accession into the Convention allowed Kazakhstan's law enforcement authorities to cooperate with the competent authorities of the other states parties to the Convention in identification, seizure and confiscation of proceeds from crime.
The adoption of the amendments creates additional opportunities for monitoring of suspicious transactions and payments and ensuring transparency of financial flows, increasing efficiency of the fight against corruption and economic crimes, as well as reducing the scale of the shadow economy.
