Kyrgyzstan’s President Sadyr Japarov has taken a significant step in the country’s financial landscape by legalizing property valued at $20 million. The move, part of a broader effort to combat money laundering, saw Japarov himself paying a million soms for the legalization process.
This action comes in the wake of the adoption of a law against money laundering in Kyrgyzstan in 2023. The legislation aims to encourage wealthy citizens to keep their assets within the country rather than storing them abroad. However, this law is set to expire on July 1.
President Japarov, in a statement on his official Facebook page, revealed the history behind his property, which he chose to legalize under the new law. He recounted his tenure as a representative in the Jogorku Kenesh (parliament) from the business community, during which construction of the property commenced in 2005 and was completed in 2010. Despite the building not being fully operational until 2020, Japarov emphasized that taxes were consistently paid on both the land and the building. Following its utilization as his campaign headquarters during the presidential election in 2020, the building began operating fully.
Japarov asserted that he led by example in legalizing his assets and encouraged other wealthy citizens to follow suit. He stressed that his decision reflects his commitment to keeping his savings within Kyrgyzstan, stating, “I have no savings abroad. And if there were, I would invest them in our banks.”
Addressing the broader populace, Japarov urged individuals with assets abroad to take advantage of the law, emphasizing the safety of capital guaranteed by the state. He reassured citizens that their funds could contribute positively to the country’s development and emphasized that no questions would be raised regarding their assets once legalized.
