Kazakhstan President Kassym-Jomart Tokayev has signed a law that aims to return stolen assets to the State. The law, which was passed by the Parliament in June, applies to individuals and entities who have acquired assets worth over 45 billion tenge (approximately $100 million) through corruption, Turanews.kz reports.
The law establishes a new body, the Commission on Asset Recovery, which will be responsible for identifying and returning stolen assets. The Commission will have the power to collect information from state bodies and other sources, and to apply to the courts to freeze assets that are suspected of being stolen.
Individuals and entities who are found to have acquired assets through corruption will be required to return the assets to the state. If they are unable to do so, they may be subject to criminal prosecution.
The law also includes provisions for the return of assets that have been taken out of Kazakhstan. The Commission will be able to work with foreign governments to recover these assets.
The law is seen as a significant step in the fight against corruption in Kazakhstan. It is the first time that the country has had a specific law aimed at returning stolen assets to the state.
The law is expected to have a significant impact on the country’s economy. The assets that are returned to the state will be used to finance social and economic projects. This will help to improve the lives of ordinary citizens and to boost the country’s economy.
The law has been welcomed by anti-corruption activists. They say that it is a long-awaited step that will help to bring corrupt officials to justice and to recover stolen assets.
The law has also been welcomed by the international community. The European Union has said that it is “a positive step in the fight against corruption in Kazakhstan.”
The law is expected to come into force in the coming weeks.
