Financial Crime World

Asset Recovery Commission Takes Action to Combat Illegal Acquisition and Withdrawal of Assets

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Introduction

In a move to combat illegal acquisition and withdrawal of assets, the Asset Recovery Commission has been established in accordance with the Law of the Republic of Kazakhstan “On Counteraction to Illegal Acquisition and Withdrawal of Assets”. The commission is responsible for developing recommendations on systemic measures aimed at eliminating the causes and conditions of illegal acquisition of assets, as well as their withdrawal from the country.

Commission Members

The commission is headed by the Prime Minister of the Republic of Kazakhstan and comprises deputies of the Parliament of the Republic of Kazakhstan, public figures, members of the Government of the Republic of Kazakhstan, first heads of state bodies, and other persons. The authorized body for asset recovery serves as the working body of the commission.

Key Members

  • Prime Minister of the Republic of Kazakhstan (Chairman)
  • Deputies of the Parliament of the Republic of Kazakhstan
  • Public figures
  • Members of the Government of the Republic of Kazakhstan
  • First heads of state bodies
  • Other persons

Functions

The commission’s main functions include:

Developing Recommendations

  • Developing recommendations on systemic measures aimed at eliminating the causes and conditions of illegal acquisition of assets
  • Developing recommendations on methods and mechanisms for the return of assets to the state and (or) their involvement in legal economic turnover

Considering Information

  • Considering information on assets and other information confirming the legality of the sources of acquisition (origin) of declared assets

Annual Information

The authorized body for asset recovery is required to annually prepare information on countering illegal acquisition and withdrawal of assets, as well as systemic measures taken. The information is published on its official Internet resource.

Publication Schedule

  • The authorized body for asset recovery publishes annual reports on its official Internet resource.
  • The reports provide an overview of the commission’s activities and progress in combating illegal acquisition and withdrawal of assets.

Monitoring and Analysis

The authorized body for asset recovery conducts monitoring and analysis of information to counter illegal acquisition, withdrawal, and return of assets. This includes searching, collecting, processing, summarizing, evaluating incoming information about illegally withdrawn assets.

Data Collection

  • The authorized body for asset recovery collects data on assets and other relevant information.
  • The data is used to identify trends and patterns in illegal acquisition and withdrawal of assets.

Asset Recovery Measures

Measures aimed at asset recovery include:

Disclosure and Confirmation

  • Measures for search (disclosure) of assets
  • Measures to confirm the origin of assets

Preliminary and Interim Measures

  • Preliminary interim measures, interim measures

Return and Management

  • Measures for voluntary or compulsory return of assets
  • Measures for management of assets confiscated or converted into state income

Register Formation

The commission is responsible for forming a register of illegally acquired and withdrawn assets. The register takes into account socio-economic risks and other factors.

Registration Process

  • The authorized body for asset recovery maintains a register of illegally acquired and withdrawn assets.
  • The register includes information on the assets, their origin, and any relevant details.

Next Steps

The Asset Recovery Commission plans to continue its efforts to combat illegal acquisition and withdrawal of assets, with a focus on strengthening legal frameworks and increasing public awareness of the issue.