Kazakhstan Tightens Financial Grip: New AFM Powers Spark Debate

Kazakhstan Expands Financial Monitoring Powers: Cryptocurrency, Real Estate, and Cultural Artifacts Under Scrutiny Kazakhstan's Agency for Financial Monitoring (AFM) has significantly expanded its powers, triggering debate about the balance between security and potential overreach. New regulations now subject cryptocurrency transactions exceeding 5 million tenge and real estate deals above 50 million tenge to increased scrutiny. The AFM has also created its own cryptocurrency wallet for managing confiscated assets, a move that has raised some eyebrows. Additionally, reporting thresholds for exporting cultural artifacts have been reduced from 45 million tenge to 1 million tenge. "The era of shadow transfers and anonymous wallets is over," stated Zheinis Elemesov, Deputy Chairman of the AFM, in a recent interview. He emphasized that the AFM's focus is on combating financial crime and preventing the illicit flow of funds, not on surveillance of ordinary citizens. However, critics express concern that these expanded powers could lead to undue interference in legitimate businesses and transactions. The ongoing investigation into high-profile cases, including the investigation into the former head of Samruk-Kazyna Construction, adds to the complexity of the situation. The investigation involves allegations of budget misuse during the construction of schools in the country. The AFM's actions underscore Kazakhstan's commitment to strengthening its financial system and combating corruption. The long-term effects of these changes on the Kazakhstani economy and its citizens remain to be seen.