Formation of the financial monitoring system in the Repablic of Kazakhstan
The globalization of economic processes poses new challenges to countries and states. The vulnerability of financial systems makes the world community take more effective mechanisms to combat crimes against the economic security. On this occasion, a special role is assigned to the financial intelligence units around the world, in Kazakhstan it is an authorized agency on financial monitoring, that carrying out counteraction to money laundering and terrorism financing. The article deals with how the system of combating money laundering and financing of terrorism was created in Kazakhstan. Conventions and treaties in the field of combating money laundering and terrorist financing, ratified by the Republic of Kazakhstan, have been reviewed. Based on the analysis of the definition of «financial monitoring», we have developed our own understanding of financial monitoring, which is: financial monitoring - the process of monitoring, evaluating, forecasting and making decisions that contribute to countering money laundering. The following vectors were proposed for the development of the financial monitoring system, based on the following factors: improving the human resources of financial and non-financial organizations which are performing primary monitoring, taking into account the threats and vulnerabilities arising from the accelerated development of the IT sphere; analyzing the legislative framework in the field of combating money laundering and financing of terrorism and effectiveness of its application in practice, in relation of the upcoming monitoring of the Republic of Kazakhstan for compliance with the International one standards of the Financial Action Task Force on Money Laundering.