Representatives of the UAE’s Executive Office for Anti-Money Laundering and Counter-Terrorism Financing (AML/CFT) signed a memorandum with Kazakhstan’s Financial Monitoring Agency (FMA). The two sides intend to cooperate in the fight against financial crime.
One area will be information-sharing on current risks and best practices in the regulation of virtual assets. In addition, representatives of the two countries agreed to jointly identify criminal schemes in this market.
According to FMA officials, the memorandum will bolster the effectiveness of uncovering transnational crimes involving cryptocurrencies and streamline the mechanisms for seizing illicit assets.
Earlier plans were announced to establish in Kazakhstan International Association for Crypto Compliance. The new public organization will be tasked with implementing unified AML/CFT standards in the market.
Earlier, Kazakhstan’s FMA halted activities at 980 illicit cryptocurrency exchange platforms. Nine investigations have been opened into illegal exchange operations totaling $36.7 million.