The Agency of Kazakhstan for the Regulation and Development of the Financial Market has made changes to the list of offshore zones, Zakon.kz reports.
In particular, the Principality of Liechtenstein has been excluded from the list of offshore zones.
It is explained that in 2009, the OECD removed Liechtenstein from the "gray list of tax havens" due to their commitment to implementing OECD standards on transparency and effective information exchange and establishing a corresponding schedule for implementation.
However, in accordance with the fourth directive of the European Union, member states of the EU, including Liechtenstein, introduced a ban for financial organizations to open anonymous accounts, as well as a requirement to conduct relevant checks on the owners and beneficial owners of such accounts.
"In this regard, taking into account the above standards and measures for credit and financial organizations aimed at combating money laundering risks, it is proposed to exclude the Principality of Liechtenstein from the list of offshore zones," the justification states.
Moreover, the state of Delaware, USA, has been removed from this list.
The agency explained that starting from January 1, 2024, the United States will enforce the U.S. Corporate Transparency Act, under which companies will transmit information about their beneficial owners and any annual changes in ownership to the U.S. Department of the Treasury's Financial Crimes Enforcement Network.
"In this regard, considering the adopted standards and measures for credit and financial organizations aimed at combating money laundering risks, it is proposed to exclude the state of Delaware from the list of offshore zones," the explanation says.
Overall, the project envisages the exclusion of Delaware and Liechtenstein from the list of offshore zones for the purposes of banking and insurance activities, the activities of professional participants in the securities market, and other licensed activities in the securities market, the activities of joint investment funds, and the activities of organizations engaged in microfinance activities.
The list of offshore zones currently includes 51 countries.
The document is posted on the Open Normative Acts website for public discussion until January 15.
Offshore zones refer to states and territories that provide a favorable tax regime or do not require the disclosure and provision of information during financial transactions.
CentralasianLIGHT.org
December 28, 2023