ARTICLE · 08 APRIL 2024

New Legislation To Overhaul AML And CFT Regime

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Law No. 781-VIQ, On Combating Legalization of Criminally Obtained Property and Financing Terrorism, dated 30 December 2022, is promulgated on 31 January 2023.

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Law No. 781-VIQ, On Combating Legalization of Criminally Obtained Property and Financing Terrorism, dated 30 December 2022, is promulgated on 31 January 2023. Except for the obligation to report electronic transfer of funds exceeding the threshold to be determined by the Financial Monitoring Service, the new Anti-Money Laundering (AML) and Countering Financing of Terrorism (CFT) Law takes effect as of 1 February 2023. The new Law replaces Law No. 767-IIIQ of 10 February 2009, On Combating Legalization of Criminally Obtained Funds and Other Property and Financing Terrorism.

The new AML and CFT Law lists the following as financial institutions:

credit institutions
local and foreign insurers, reinsurers and insurance intermediaries offering life insurance

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