Terror cash fears prompt Kyrgyz spy plan

An international seminar on money laundering and terrorist funding has discussed setting up a financial intelligence service in Kyrgyzstan.

The meeting had been organized by the Ministry of Finance with the help of the World Bank, the OSCE and the UN Office on Drugs and Crime (UNODC). The training seminar focused on international conventions on fighting money laundering and countering the financing of terrorism (FML/CFT), and the standards of the Financial Action Task Force. International experts attending presented the recognized models of financial intelligence units and reminded the audience of international FML/CFT agreements.

 The purpose of the meeting was to introduce government officials to the legal and technical aspects of the fight against money laundering and terrorist funding. Those present learnt about Kyrgyzstan's and international (FML/CFT) experience, the Egmont (Group of Financial Intelligence Units) and the Eurasian Group on Combating Money Laundering and Financing of Terrorism, and Russia's and Romania's examples of establishing financial intelligence units, which should all help Kyrgyzstan develop the legislation needed to set up a financial intelligence service in the country.

 The seminar said that as some nations conducted a determined campaign against money laundering, criminals could move some of their operations to countries without financial intelligence units or FML/CFT measures in place.

Source: BBC Worldwide Monitoring