Mazhilis adopts law on return of illegally withdrawn assets to Kazakhstan

The members of the Mazhilis, a Lower House of the Kazakh Parliament, adopted the draft law on the return of illegally withdrawn assets. The document provides for the regulation of mechanisms for disclosure, confirmation of origin and return of funds. It also envisages the introduction of new ways of working and ensuring the transparency of all procedures. Besides, the document stipulates the creation of an authorized body to deal with the return of illegally withdrawn assets. A special state fund and a management company will be formed to accumulate funds returning to the country. It bears noting that the returned money will be used to finance current social projects.

“The Mazhilis members made a number of amendments aimed at clarifying the scope of the law, the competence of the authorized body for the return of assets, the order of interagency cooperation, the procedure for the establishment of the commission and its functions, and for the creation of the register during the consideration of the draft law at the working group meetings. Additional amendments included the clarification of terms such as ‘assets of unexplained origin’ and ‘excess profits’, the introduction of a new ‘administrative and government resources’ concept, and others,” said Snezhanna Imasheva, member of the Mazhilis, the Lower House of the Kazakh Parliament.