Asset Recovery Methods in Kazakhstan: A New Era for Restoring Social Justice and Sustainable Development

Kazakhstan has taken a significant step forward in combating corruption and asset laundering with the adoption of the Law on the Return of Illegally Acquired Assets to the State. The law, which came into effect on July 12, 2023, provides a clear procedure for the voluntary and compulsory return of assets, marking a new era in the country’s efforts to restore social justice and sustainable development.

Development and Implementation

The law was developed in consultation with international experts and takes into account modern standards and practices in combating corruption and asset laundering. It defines illegal acquisition and withdrawal of assets as a threat to national security and economic stability, and sets out strict procedures for the recovery of assets.

Key Features of the Law

• Creation of a Register: The law establishes a register of subjects involved in illegal activities.
• Procedural Rules and Standards: The law provides procedural rules and standards of substantiation for ensuring legal certainty and protecting the rights of all parties involved.
• Commission to Oversee Asset Return: The law establishes a commission to oversee the return of assets, which includes representatives from the executive branch, parliament, and reputable public figures.
• Guarantees for Protection of Rights: The law provides guarantees for the protection of the rights of bona fide purchasers and creditors, as well as those who report illegal activities or assist in asset recovery.

Transparency and Due Process

The law also provides for the confiscation of assets only through a court decision, ensuring that due process is followed. Transparency is ensured through the publication of all key information, including the formation of the register of subjects and the conclusion of agreements on voluntary return.

International Cooperation and Compliance

Asset recovery is a complex and multi- layered process that involves many entities and assets located in different countries. The law complements and strengthens existing norms and international agreements, providing a framework for cooperation with foreign partners and ensuring compliance with human rights standards.

Impact and Significance

The adoption of this law marks a significant milestone in Kazakhstan’s efforts to combat corruption and restore social justice. It demonstrates the country’s commitment to upholding the rule of law and protecting the rights of its citizens, while also attracting foreign investment and promoting sustainable development.

In conclusion, the Law on the Return of Illegally Acquired Assets to the State is a major step forward in Kazakhstan’s fight against corruption and asset laundering. Its implementation will help to restore social justice and promote sustainable development, making it an important milestone in the country’s journey towards becoming a modern, prosperous nation.