On April 3, 2025, the Senate of Kazakhstan ratified a significant protocol of the Eurasian Group, aligning national legislation with international standards aimed at combating money laundering. This ratification marks a pivotal step in enhancing Kazakhstan's legal framework to tackle the financing of terrorism and the proliferation of weapons of mass destruction.
The protocol not only expands the mandate for countering these critical issues but also seeks to optimize the financial monitoring system. This is achieved through the unification of procedures and terminology, which is expected to strengthen international cooperation within the framework of the Eurasian Group (EAG).
Maulen Ashimbayev, the Chairman of the Senate of the Parliament of the Republic of Kazakhstan, emphasized the importance of the law, stating, "The law provides for a number of amendments to the documents of the Eurasian Group on countering the legalization of proceeds from crime and the financing of terrorism. These norms are designed to improve joint activities aimed at protecting the financial systems and economies of member states of the organization." This statement reflects the collaborative spirit that underpins the EAG's mission.
Kazakhstan has been an active participant in the Eurasian Group since its inception in 2004, contributing approximately 15% of the organization's budget. This financial commitment highlights Kazakhstan's responsibility and leadership role in regional efforts to combat financial crimes.
As noted by Senator Nurlan Bekenov, Kazakhstan's involvement in the EAG is not just a matter of participation but also a demonstration of its commitment to regional stability and security. "Our country not only actively participates in the work of the EAG, but also makes a significant financial contribution – about 15% of the organization's budget. This confirms our responsibility as a regional participant," he explained.
The ratification of the protocol is a response to the evolving landscape of international financial crime and reflects Kazakhstan's dedication to adhering to the updated standards set by the Financial Action Task Force (FATF). These standards are crucial for combating the financing of terrorism and other illegal activities that threaten global security.
Today, the EAG comprises nine member countries, including major partners such as Russia, China, and India. This collective effort creates a unified front against financial crimes, facilitating the implementation of international standards in the region.
The protocol's ratification by seven EAG member countries thus far underscores its significance and the urgency with which these nations are approaching the fight against financial illicit activities. The document was previously ratified by the Mazhilis, Kazakhstan's lower house of parliament, paving the way for Senate approval.
In conclusion, the ratification of the Eurasian Group protocol signifies a critical advancement in Kazakhstan's legal and financial frameworks, reinforcing its commitment to international cooperation in combating money laundering and terrorism financing. As the country continues to navigate the complexities of global financial regulations, its proactive stance within the EAG will likely enhance its reputation as a responsible regional player in the fight against financial crime.
