ASTANA – The Prosecutor General’s Office of Kazakhstan will establish a separate department tasked with returning illegally withdrawn assets, Kazakh Deputy Prime Minister and Minister of Finance Yerulan Zhamaubayev said at a May 24 session of the Mazhilis, the lower house of Parliament, reported Kazinform.
The government has submitted a draft law to the Mazhilis, which outlines the procedures for creating a state fund and management company to collect and manage returned assets. If the bill is signed, these entities will be responsible for handling the assets.
It was earlier reported that Kazakhstan returned over 760 billion tenge ($1.7 billion) in illegally withdrawn assets. The funds will be used to finance social and economic projects.
Maharram Maharramov, a deputy of the Mazhilis, emphasized that legislative grounds are crucial for returning illegally acquired assets.
“A clear and transparent mechanism on the work of the government bodies is being established. It has no administrative or geographical borders and considers any illegally obtained property,” said Maharramov.
The draft law aims to restore social justice and improve the welfare of the country’s population.