The Law "On Combating the Financing of Terrorist Activities and Legalization (Laundering) of Criminal Proceeds" was signed

The President of the Kyrgyz Republic Sooronbai Jeenbekov signed the Law of the Kyrgyz Republic "On Combating the Financing of Terrorist Activities and Legalization (Laundering) of Criminal Proceeds".

The law was adopted by the Jogorku Kenesh of the Kyrgyz Republic on June 28, 2018.

The main goal of the Law is to establish a legal basis for a purposeful, systematic and effective combating the financing of terrorist activities and the legalization (laundering) of criminal proceeds.

As a result of the implementation of the Law, the following positive results are expected:

- increase the effectiveness of prophylaxis and prevention of financing of terrorist activities and legalization (laundering) of criminal proceeds;

- Increase of reputation and investment rating of the Kyrgyz Republic, including financial institutions, as the most reliable, responsible and conscientious partner, which will allow it to actively operate in the international financial markets;

- Creation of additional mechanisms for counteraction to corruption crimes, including for the search and recovery of funds withdrawn illegally or criminally from the Kyrgyz Republic, including offshore zones.

The law shall come into effect during the fifteen days after the day of its official publication.

Source: http://prezident.kg/ru/sobytiya/12193_podpisan_zak...