THE CONCEPT OF CONVERSION IN THE CONTEXT OF CRIMINAL LEGALIZATION (LAUNDERING) OF INCOME

Money laundering remains a key threat to Kazakhstan's economic security and the global financial system, exacerbated by the digitalization of criminal activity. The purpose of the study is to analyze conversion transactions as a money laundering tool in national and international legislation. Using comparative legal, systemstructural and historical-legal methods, the authors identified gaps in the regulation of the term “conversion”, which in Kazakh law does not have a clear definition, which leads to legal conflicts. The study highlights the role of conversion at the stratification stage in the classic laundering model, including currency exchange, investment, cryptocurrencies, and the creation of fictitious companies. Comparison with the experience of Russia, Uzbekistan and Belarus has shown the need to differentiate the concepts of “transactions” and “operations” in order to strengthen control. Amendments to the legislation have been proposed, including clarifying terms in the Regulatory Decree of the Supreme Court and the Criminal Code of the Republic of Kazakhstan.

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