Kazakhstan adopted relevant legislation for domestic Islamic banking transaction such as the governed Kazakh law more than ten years ago and established the Astana International Financial Center (AIFC) based on the Dubai International Financial Center’s model three years ago, Islamic finance is still in the early stages of its development and Islamic products are rarely used.
Legal briefing on Combating money laundering and terrorism financing of Mongolia
By having failed to adequately comply with the recommendations of the Financial Action Task Force (FATF) on concerning anti-money laundering and counter-terrorism financing (AML/CFT) measures, Mongolia has been added to the FATF’s grey list along with Iraq and Zimbabwe on October 4, 2019. The FATF is an inter-governmental body established in 1989 to combat money laundering, terrorist financing and other related threats to the integrity of the international financial system.
Kazakhstan, at least on the surface, seems to have a strong political will to attract investments in renewable energy projects as demonstrated by its official general policy.
GRATA International banking and finance team is pleased to provide you with a brief summary of the major changes to the legislation of the Republic of Kazakhstan in 2019 that may affect your business
Islamic Finance challenges in Turkey
Having almost 40 years of history, the Islamic banking sector in Turkey currently only has a 5–6% share of the fi nance market in the country. Out of 40 active banks, six are operating (excluding investment and development banks) under the Participation Banks Association of Turkey (TKBB) as Islamic banks and they have not yet reached the average level of their conventional competitors in terms of profi ts, total assets, deposits and loans.
General considerations regarding the jurisdiction of Austrian
Despite the fact that the political situation in Austria, in comparison with other countries of the Western world, is considered more favorable towards Russia, banks and other service providers have recently begun to treat Russian customers with increasing suspicion and skepticism. Therefore, doing business in Austria or using Austrian jurisdiction for capital management requires additional measures.
There is no doubt that Kazakhstan needs new economic drivers to facilitate the launch of innovative new businesses, to disrupt conventional industries and to transform intellectual capital into innovative start-ups.
This presentation was part of the seminar 'Legal and Practical Aspects of Public-Private Partnership (PPP): reviewing CIS project experience for Kazakhstan. '
Under Kazakh law, all legal entities fall into two categories, depending on whether or not the acquisition of profit is the main purpose of their activity: commercial organisations; and noncommercial (non-profit) organisations.
The International Comparative Legal Guide : Corporate Recovery & Insolvency 2016, 10th edition. A practical cross-border insight into corporate recovery and insolvency work.