Publications

The Order of the First deputy of the Prime-Minister of the Republic of Kazakhstan – the Minister of finance of the Republic of Kazakhstan dated 13 April 2020 No. 379 “On amendment of the order of the First deputy of the Prime-Minister of the Republic of Kazakhstan – the Minister of finance of the Republic of Kazakhstan dated 26 December 2019 No. 1424 “On approval of the List of goods subject to accompanying notes issue as well as the Rules on their issue and circulation” (hereinafter – the ‘Order’) was published on 15 March 2020.

In light of the spread of coronavirus infection Covid-19 and in addition to quarantine regime, Uzbekistan has undertaken a number of other measures aimed at mitigating risks and maintaining the normal functioning of business activities, including the banking sector.

COVID-19 pandemic, as well as the associated restrictions and economic consequences of the fight against the virus, set new tasks for the National Bank of the Kyrgyz Republic (the “NBKR”). In this connection, the regulator took a number of measures aimed at maintaining stability in the banking system of the Kyrgyz Republic and protecting the rights of consumers of banking services.

Moldovan state banking regulators issued only statements instructing financial institutions how to work with clients impacted by COVID-19/coronavirus and avoid contamination but nothing about: how to get ready for potential events of default?

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 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.

Acquisition financing is the funding a company uses specifically for the purpose of acquiring another company.

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

 There are presently 45 credit unions in Azerbaijan competing for customers. Yet what’s their working principle? But first, let’s look at why there is so little we know about them.

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.

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.