Financial Crime World

Asset Recovery Methods in Kazakhstan Yield Significant Results

Crackdown on Illicit Assets Yields Over $727 Million in Recovered Funds

The Asset Recovery Committee of Kazakhstan’s Prosecutor General’s Office has approved claims for the return of illegally obtained assets worth over 325 billion tenge (approximately US$727 million), including 272 billion tenge (US$608 million) in funds. The recovered funds will be allocated towards social and economic projects.

Significant Progress Made Since 2022

The measures taken since 2022 have led to the recovery of assets worth a staggering 1.7 trillion tenge (approximately US$3.8 billion), with over US$750 million of these coming from abroad. Investigators analyzed information on:

  • Over a thousand properties in Kazakhstan
  • 150 properties abroad
  • Securities worth 600 billion tenge (US$1.3 billion)

Additionally, they identified:

  • Over 200 bank accounts within the country
  • 140 bank accounts abroad
  • Suspicious transactions worth around 2 trillion tenge (approximately US$4.47 billion) currently under investigation.

Assets Reclaimed and Social Projects Implemented

The state has also reclaimed assets worth over 50 billion tenge (US$111.8 million) domestically and abroad, including:

  • Strategic deposits
  • Monopolistic companies
  • Tens of thousands of hectares of land
  • Production facilities
  • Hotels
  • Business centers
  • Villas
  • Apartments
  • Luxury cars
  • Jewelry

A key component of the asset recovery process is the implementation of social projects. Some businesses have voluntarily pledged to invest in projects such as:

Social Projects and Job Creation

  • A modern cultural and educational center worth over five billion tenge (US$11 million), which will offer free services to people with special needs and socially vulnerable groups
  • High-tech investment projects worth 30 billion tenge (US$67 million), including production facilities for chemical and food products, pipes, and packaging, expected to create at least 300 jobs and generate annual tax contributions of over one billion tenge (approximately US$2.2 million)

The Asset Recovery Committee has also filed numerous lawsuits, including cases involving assets of unexplained origin. One court decision has already mandated the compulsory return of more than US$11 million, as well as jewelry and cultural valuables worth 400 million tenge (approximately US$895,000).