Today, Almassadam Satkaliyev, the Chief Executive Officer of Samruk JSC, and Zhanat Elimanov, the Chairman of the Financial Monitoring Agency of the Republic of Kazakhstan have signed the Memorandum of Cooperation between the Fund and FMA.

The parties intend to exchange information in order to increase transparency in the activities of the Fund and its Portfolio Companies, as well as to prevent economic and financial violations in the industries in which the Group of Companies operates. These are oil and gas, energy, mining, industrial, transport and telecommunications industries.

The Memorandum also provides for cooperation between the FMA and member organizations of the Fund in procurement.

The Agency intends to provide the Fund with information on offences in the quasi-public sector and on money laundering; submit timely information to the Fund on identified risks of causing damage; render methodological and advisory assistance to the Fund on countering economic and financial offenses; work together to strengthen the functions of compliance, internal audit and risk management within the framework of the Memorandum.

In turn, the Fund will actively participate in initiatives and measures to counteract offenses; inform the Agency about economic and financial offenses identified in the Fund’s group; conduct inspections in the member organizations of the Fund if the Agency provides relevant information; submit proposals on improving the legislation of Kazakhstan on countering economic and financial offenses.
The Memorandum is concluded for an indefinite period and will come into force from the date of signing.