Those recommendations call for information and accounts regarding transactions carried out by financial and credit institutions to be disclosed and supplied to banking supervision authorities.

In order to regulate and supervise the activities of commercial banks and other financial and credit institutions, a list of 42 States and territories (offshore centres) which grant favourable tax arrangements and/or do not require full disclosure and supply of information to banking supervision authorities has been adopted and attached to the decree.

The resolution defines offshore entities or individuals as follows: banks, subsidiary banks, holding companies, financial and credit institutions, natural and legal persons registered or resident in States or territories with favourable tax arrangements and/or States or territories which do not disclose and/or provide information to banking supervision authorities in accordance with the requirements and recommendations of the Basel Committee on Banking Supervision.

The Irish Central Bank is the supervising authority for the purposes of the Regulation and has brought its provisions to the attention of financial institutions.

Notably, the Office of Banking Supervision is the supervisory authority of the banking and financial system under Law No. 24 of 21 February 1986 (Bank Law), and the Financial Intelligence Unit in anti-money laundering matters under Law No. 123 of 15 December 1998 (Anti-Money Laundering Law).

In accordance with the Act on the National Bank of Kyrgyzstan, the National Bank, as the authority supervising and regulating the activities of banks and other financial and credit institutions, may halt, for the period established by its own normative acts, any banking transactions classified by national legislation as suspicious, at its own initiative or in response to a written request from the law enforcement agencies responsible for detecting and preventing financial wrongdoing.