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Kyrgyzstan: Lax Western Regulations Make Money-Laundering Easy – Report

Since coming to power in April 2010, Kyrgyzstan’s government has said that the family of deposed President Kurmanbek Bakiyev and his associates used the country’s largest bank to launder and export vast amounts of cash. A new report by Global Witness, an anti-corruption watchdog, says lax Western banking regulations abetted such alleged criminal activities.

After Bakiyev and his notoriously venal family were overthrown in April 2010, the interim government promptly nationalized AsiaUniversalBank (AUB); the bank’s former managers claim the charges are politically motivated. The European Bank for Reconstruction and Development, in an audit, appears to support Bishkek’s money-laundering claims. The former president is living in Belarus; his son Maxim has sought asylum in the UK.

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Kyrgyzstan: Lax Western Regulations Make Money-Laundering Easy – Report

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