Kazakhstan eyes disclosing information on returned assets to public

According to the conclusion of the Senate Committee, the amendments are aimed at increasing the transparency and effectiveness of the process of recovering illegally acquired assets, as well as at implementing the instructions of the Head of State stemming from the address to the people of Kazakhstan. These instructions provide for:

• establishment of an obligation to publish information on the measures taken to return illegally acquired assets to the state, their results, the use of recovered assets in the interests of citizens and the state, as well as the systemic measures adopted to eliminate the causes and conditions that contribute to the illegal acquisition and withdrawal of assets;
• regulation of the content of agreements providing for the investment of the funds in the national economy, the construction of social and cultural facilities, or other contributions to the country’s socio-economic development;
• establishment of procedures for concluding other agreements and introducing provisions on the non-recognition as illegal of assets voluntarily returned to the state.

Previously, Qazinform News Agency reported Kazakhstan is to develop 45 projects across regions using recovered assets.