Financial Crime World

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Kazakhstan Asset Recovery System Gets Boost from Council of Europe

In a bid to strengthen its asset recovery system, Kazakhstan received support from the Council of Europe last week.

Roundtable Discussion on Asset Recovery Needs Assessment

On October 31, the Economic Crime and Cooperation Division organized a roundtable where experts presented findings from a recent assessment of the country’s asset recovery needs. The assessment aimed to evaluate Kazakhstan’s policy, regulatory, and operational framework for criminal asset recovery, benchmarking it against international and Council of Europe standards.

Key Takeaways from the Assessment

  • The need for a comprehensive mapping of the system
  • Development of related policy documents
  • Importance of standard operating procedures in asset recovery
  • Need for a framework for managing seized and confiscated assets

Representatives from the General Prosecution Office and Anti-Corruption Agency attended the event, contributing to discussions on these key issues.

Kazakhstan’s Progress in Improving Asset Recovery System

Kazakhstan has made significant strides in improving its asset recovery system, including:

  • Establishment of a Commission to stimulate capital returns from abroad
  • Strengthening measures against money laundering

Council of Europe Support for Kazakhstan’s Law Enforcement Authorities

As part of the Council of Europe’s Central Asia Rule of Law Programme 2020-2023, co-funded by the European Union, the organization plans to provide further support to Kazakhstan’s law enforcement authorities to enhance asset recovery and management systems. The initiative aims to strengthen capacities to fight economic crime in five Central Asian countries, including Kazakhstan.

Conclusion

Kazakhstan’s efforts to strengthen its asset recovery system have received a significant boost from the Council of Europe. With ongoing support from the organization, Kazakhstan is well-positioned to enhance its law enforcement capabilities and combat economic crime effectively.