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The ratification of the agreement between Kazakhstan and the United States will make it possible to disclose information on all Kazakhstani individuals and legal entities that have opened accounts in the United States, Total.kz reports.

“According to the draft law, all foreign financial organizations that have international business transactions with US financial institutions will be required to provide information on US taxpayers’ accounts,” Alibek Kuantyrov, Minister of National Economy of the Republic of Kazakhstan, said at a meeting in the Mazhilis .

He added that the bill affects the activities of financial organizations, including credit institutions, insurance, brokerage and other similar companies.

According to him, in case of non-adherence to this regime, 30% of the transfer amount can be withheld from international bank transfers, if the recipient of the payment is a person taxed in the United States.