Members of the Senate, an Upper House of the Kazakh Parliament, have adopted the law to return illegally acquired assets and sent it to the Head of State for his signature. The new law provides for the creation of a separate department within the Prosecutor General’s Office, which will perform the functions of an authorized body in this area. It also envisages the introduction of civil forfeiture. As noted by the Ministry of Justice, this practice is based on generally accepted international standards. The law provides for the development of international legal cooperation, as well as the identification, suppression, disclosure and investigation of offences related to the withdrawal of such assets. A special state fund will also be established to accumulate and manage them. Overall, the law is aimed at improving the well-being of Kazakh citizens, as the Senate members emphasized.
“The returned assets should be used to finance social and economic projects aimed at improving the welfare of Kazakh citizens. Overall, these laws represent a significant step towards the establishment of a just Kazakhstan. A number of laws related to the return of illegally acquired assets to the state have been drafted to deliver the initiatives of the Head of State,” said Senate Chairperson Maulen Ashimbayev.
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