Analysis of money laundering and its manifestation in Kazakhstan
The article considers the preconditions for the emergence of money laundering and its manifestation in the economy of Kazakhstan. Money laundering is damaging for any economy and slows the economic growth of any country. Illegally obtained funds destabilize credit organizations, as well as threaten the independence of banking system as a whole. The three stages of money laundering process are examined, and it creates the most perfect model for money laundering. Further, the author provides an analysis of theoretical and practical issues related to money laundering in the Republic of Kazakhstan. The fight against money laundering is a key tool to maintain the health and stability of the financial sector. In this regard, Kazakhstan has adopted the Law «On counteracting the legalization (money laundering) of income obtained by criminal means and financing of terrorism» in 2010. In addition, the Committee on Financial Monitoring of the Ministry of Finance of the Republic of Kazakhstan has been founded. The Committee is responsible for the collection and processing of information on transactions involving money and other property that is subject to financial monitoring, it coordinates the activity of state bodies in this sphere, as well as directs the information within its competence to the law enforcement authorities to make further procedural decisions in the case of sufficient evidence for this. The author emphasizes the importance and role of the Committee on Financial Monitoring in combating money laundering and provides a brief analysis of the work performed by the the Committee.