Kazakhstan’s Financial Monitoring Agency freezes financial pyramids’ illicit crypto proceeds worth KZT2.2bn

The Head of State was briefed about completion of 300 criminal cases, with those affected received nearly 20 billion tenge in compensation.

Elimanov said that financial pyramid organizers’ 2.2 billion tenge worth criminal profits in cryptocurrency had been frozen. Six organized crime groups, including a transnational one, were liquidated. The Agency prevented unreasonable budget spending to the amount of 23 billion tenge in large-scale infrastructure projects implementation.

President Tokayev was informed about the crackdown on illegal export channels of timber and scrap metal as well as the elimination of major illegal gasoline export schemes, which helped stabilize the domestic market.

Elimanov also reported on the steps underway to protect citizens from financial scams and reduce debt burden. The Agency identified the illegal network of microfinance organizations, causing financial losses worth 30 billion tenge for 327,000 people. 24 financial pyramids were liquidated. The Agency shut down 5,600 scam websites, 30 group chats and accounts with total over 22,000 members.

The Kazakh President was also briefed that 567,000 schoolers and over 100,000 students took financial security classes.

According to Elimanov, the Majilis of the Kazah parliament made legislative amendments to fight against money laundering, helping to achieve technical compliance with FATF Standards.

Following the meeting, the Head of State tasked to continue work to prevent economic crime, reduce the shadow economy, fight against disguising illegally obtained assets as well as increase financial literacy of the population.

Earlier, the Head of State, Kassym-Jomart Tokayev, received Speaker of the Knesset (Parliament of Israel) Amir Ohana in Astana.