This draft law has already been submitted for public discussion.
In the documentation, the ministry emphasizes that the establishment of a joint-stock company will:
- reduce the risks of legalizing criminal proceeds (money laundering) and financing terrorism (AML/CFT);
- conduct oversight of the activities of leasing companies, ensuring their financial stability, transparency, compliance with prudential norms, and an appropriate level of corporate governance.
“The joint-stock company will be required to follow corporate governance standards, publish financial reports, and undergo independent audits,” the document states.
The Ministry of Economy emphasizes that Kyrgyzstan, as a member of the Eurasian Group on Combating Money Laundering and Financing of Terrorism (EAG) and a participant in international obligations under FATF recommendations and UN Security Council resolutions, must adapt national regulations to international standards.
“During the mutual evaluation, the EAG identified shortcomings in preventing criminals from controlling certain financial institutions, as well as an insufficient level of oversight over leasing companies,” the ministry reported.
In this regard, the draft resolution includes the development of a methodology for calculating prudential norms for leasing organizations. This is aimed at enhancing their financial stability, protecting the interests of investors, creditors, and clients, as well as aligning regulations with current legislation.
Additionally, it is proposed to abandon the requirement for an internal auditor. The ministry explains that transparency is ensured through mandatory external audits, and the introduction of additional control is seen as redundant.
It is also emphasized that, unlike banks, leasing companies are not allowed to attract deposits from individuals and operate based on their own capital or funds from investors.
The Ministry of Economy is confident that the adoption of this document will create a reliable regulatory framework for the development of the leasing market, ensure a balance of interests between the state and business, and contribute to the growth of the financial sector and the economy of Kyrgyzstan as a whole.
