The Senate of Kazakhstan has approved a bill to recover assets acquired through illegal means, media reports. The proposed legislation establishes legal measures to identify and return such assets to Kazakhstan, ensuring smooth economic integration.
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The bill also aims to eradicate the root causes that have enabled the unlawful acquisition and withdrawal of assets, thereby restoring social justice and offers both voluntary and compulsory asset recovery options.
Under the "Voluntary Return" option, individuals may transfer all or part of their illicitly obtained assets to the State through voluntary agreements. On the other hand, the "Forced Return" option involves issuing judicial orders by competent authorities in Kazakhstan or foreign countries.
In addition, the bill calls for establishing a special state fund and management company that will accumulate the returned assets and finance social and economic projects aimed at improving the lives of Kazakhstan's people, as Senator Andrei Lukin emphasized.
This new legislation has introduced a civil confiscation institution commonly used in other countries. Furthermore, the senators have approved accompanying bills to implement the provisions of the main bill effectively. A total of 11 codes and 15 laws have been amended accordingly.
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