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Kazakhstan Introduces Asset Recovery Methods to Combat Corruption
The government of Kazakhstan has introduced a new law on asset recovery aimed at combating large-scale corruption and oligopoly groups that have colluded with individuals holding administrative and authoritative resources.
Targeted Entities
The legislation targets entities, including:
- Public officials
- State legal entities
- Quasi-public sector entities
- Those affiliated with them
Eligibility Criteria
To be eligible for the program, individuals must have accumulated assets exceeding 13 million monthly calculation index (MCI), which is equivalent to approximately 100 million USD.
Investigation and Analysis
The authorized body on asset recovery will:
- Monitor and analyze information from government agencies and other sources
- Determine the scope of illegal asset withdrawal schemes
- Identify those involved
- Estimate the total amount of assets
Register of Entities
Based on the analysis, if there are reasonable doubts about the legality of acquired assets, the authorized body will submit proposals to the Commission on Asset Recovery to include entities in a register. The Commission, formed by the Prime Minister from members of Parliament, public figures, government officials, and other individuals, will decide whether to add entities to the register and recommend further measures to recover assets.
Declaration of Assets
Entities included in the register must:
- Submit a declaration of assets within a month or three months if additional time is required
- Provide information on income, assets, shares, loans, and other details about the origin of the assets
If a person cannot confirm the legality of acquired assets, they are recognized as having unexplained origins.
Protection of Bona Fide Purchasers
The law provides mechanisms for the protection of bona fide purchasers and allows for the return of illegally acquired assets through voluntary or compulsory means. The compulsory return of assets is carried out through court proceedings, while the voluntary return may be based on judicial acts or decisions from foreign states.
Use of Recovered Assets
The assets recovered will be transferred to the Special State Fund, which will finance social and economic projects.
International Cooperation
To ensure enforcement of court decisions and exchange information, the law outlines mechanisms for international legal cooperation. The authorized body will report annually on its efforts to counter illegal asset acquisition and withdrawal.
Effective Date
The new law comes into force 10 days after publication, with the exception of provisions related to citizens’ rights, which enter into force 60 days later.