**Almaty local found guilty for engaging in unauthorized withdrawal activities**
Almaty's Economic Crackdown on Cash Withdrawals
In an effort to curb illicit cash transactions, the Department of Economic Investigations in Almaty, under the Financial Monitoring Committee, is waging a war against second-tier banks, as part of the nationwide operation "Stop - Cash," according to reports from Almaty.tv.
So far this year, the Department has launched 63 pre-trial investigations, targeting individuals, including two organized criminal groups within the "cash withdrawal" sector. These groups have allegedly used "cash-out" firms to carry out sham deals.
One such case involves an individual who issued fake invoices to evade tax payments by providing commercial organizations with non-existent services. This Almaty resident, between 2016 and 2019, accumulated a whopping 2 billion tenge through this deceitful practice, using a company under his control.
The Almalinsky District Court of Almaty found the crime organizer guilty under Article 216, Part 3 of the Republic of Kazakhstan's Criminal Code, and handed down a prison sentence of 2 years and 6 months, with a 10-year ban on holding leadership positions in economic activities.
Going Beyond the Headlines
While the Department of Economic Investigations in Almaty takes on the battle against criminal cash transactions, the National Bank of Kazakhstan (NBK) in Almaty has also allegedly been on the offensive against breaches in cash handling regulations.
For instance, Eurasian Bank, a second-tier bank, received a warning from the NBK's Almaty branch for breaching exchange operation rules, related to cash foreign currency transaction violations. The NBK has also imposed fines on unnamed authorized organizations in Almaty for similar non-compliance, as per recent enforcement actions.
The NBK's efforts to enforce Resolution No. 49 (2019) reveal a focus on curbing irregularities in cash handling by financial institutions, even though the term "Stop - Cash" was not explicitly mentioned in the documents. The NBK's actions majoredly consist of fines and warnings rather than criminal proceedings.
For a comprehensive understanding of the operational specifics and the role of the Department of Economic Investigations in Almaty, additional announcements from local law enforcement or the NBK would be beneficial.
The National Bank of Kazakhstan in Almaty, alongside the Department of Economic Investigations, is intensifying efforts to combat financial crimes.
The NBK has issued warnings and imposed fines on second-tier banks, such as Eurasian Bank, for breaches in cash handling regulations.
These actions are part of the NBK's focus on enforcing Resolution No. 49 (2019), which aims to curb irregularities in cash handling by financial institutions.
- Investigations by the Department of Economic Investigations in Almaty have revealed instances of tax evasion, with one individual facing a prison sentence for issuing fake invoices to evade tax payments.*
