9 March 2010 new anti-money laundering legislation came into effect in Kazakhstan
Financial monitoring entities/persons must request for originals or notarised copies of the documents, or copies of the documents which are apostilled or legalised in accordance with the procedure set out in the international treaties ratified by Kazakhstan; and the terms "resident" and "non-resident" used herein should be understood within the meaning of the Tax Code of Kazakhstan.
Any transaction in the amount of equal to, or exceeding, KZT2 mln (approx. US$13,613) with regard to crediting or transfer of money to a client’s account by an individual or a legal entity, which is registered/incorporated/residing/located in an offshore jurisdiction, or has an account with a bank registered in an offshore jurisdiction; or transfer of money by the client in favour of the above-mentioned persons/entities, either as a one-time transaction, or a transaction made within seven (7) consecutive calendar days, is subject to financial monitoring and reporting to the competent authority, i.e. the Committee on Financial Monitoring of the Ministry of Finance of Kazakhstan in accordance with the procedure set out by the Ministry of Finance of Kazakhstan (the “MF”). A list of offshore jurisdictions, which was subject to adoption by the MF, was not publicly available. However, such a list was adopted by the MF and came into force on 26 March 2010. (Please note that such a list of offshore jurisdictions for the purpose of anti-money laundering legislation is the same as a list of offshore jurisdictions approved by the Financial Market Supervision Agency for the purpose of banking and financial regulation).
Any transaction in the amount of equal to, or exceeding, KZT2 mln (approx. US$13,613) with regard to crediting or transfer of money to a client’s account by an individual or a legal entity, which is registered/incorporated/residing/located in an offshore jurisdiction, or has an account with a bank registered in an offshore jurisdiction; or transfer of money by the client in favour of the above-mentioned persons/entities, either as a one-time transaction, or a transaction made within seven (7) consecutive calendar days, is subject to financial monitoring and reporting to the competent authority, i.e. the Committee on Financial Monitoring of the Ministry of Finance of Kazakhstan in accordance with the procedure set out by the Ministry of Finance of Kazakhstan (the “MF”). A list of offshore jurisdictions, which was subject to adoption by the MF, was not publicly available. However, such a list was adopted by the MF and came into force on 26 March 2010. (Please note that such a list of offshore jurisdictions for the purpose of anti-money laundering legislation is the same as a list of offshore jurisdictions approved by the Financial Market Supervision Agency for the purpose of banking and financial regulation).