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Friday, February 23, 2024

Kazakhstan Upholds Investors' Rights with the Implementation of Pivotal Asset Recovery Law

Last updated Tuesday, September 26, 2023 12:00 ET , Source: Kazakh Invest

Kazakhstan has initiated a groundbreaking legal reform with the enactment of the "Law of the Republic of Kazakhstan on the Return of Illegally Acquired Assets to the State" on July 12, 2023

Astana, Kazakhstan, 09/26/2023 / SubmitMyPR /

Kazakhstan has initiated a groundbreaking legal reform with the enactment of the "Law of the Republic of Kazakhstan on the Return of Illegally Acquired Assets to the State" on July 12, 2023. The law, mandated under the president's directive and developed by MPs of the Mazhilis (Parliament), aligns with international standards and practices from developed nations, focusing on the recovery of assets obtained through illicit means. Importantly, the law does not apply to ‘bona fide’ investors, including both domestic and foreign investors.

A Transparent and Legal Framework

The newly implemented law asserts its commitment to international norms and transparency, featuring robust legal procedures for asset confiscation and emphasizing legitimate state actions. It installs stringent monitoring and analysis mechanisms to counter the illegal acquisition, withdrawal, and return of assets, thereby fortifying the rights of Kazakhstan citizens and contributing to the nation’s sustainable economic and social development.

Judicial and Public Oversight

The law promotes fairness and transparency through reinforced judicial and public control over the asset recovery process. The execution of this law at the pre-trial stage involves a commission comprising representatives from the executive branch, MPs, and eminent public figures, ensuring an adversarial civil process where every entity can protect its rights.

Protection for Bona Fide Investors

Crucially, the law provides unequivocal safeguards for bona fide investors and entities. It is meticulously crafted to exclude conscientious investors, reinforcing the Constitution of Kazakhstan's guarantees regarding the inviolability of private-property rights. The law emphasizes that bona fide investors possessing assets exceeding 100 million US dollars are not independently subjected to the provisions of this law.

International Compliance and Cooperation

Kazakhstan's unwavering commitment to international legal cooperation and compliance with procedural and substantive requirements is underscored within this law. It adheres to all of Kazakhstan’s existing international legal agreements related to the protection and support of investments with foreign states, highlighting the significance of maintaining investment activity and international economic ratings.

A Commitment to Sustainable Development and Legality

With the initiation of this law, Kazakhstan is fortifying its stance on transparency, legality, and sustainable development. It guarantees protection and equitable treatment to all bona fide investors, national or foreign, respecting the rights delineated by the Constitution of Kazakhstan, its international obligations, and legislation on national and foreign investors, business entities, and individuals.

This pivotal legal reform seeks to alleviate conditions enabling the further illegal withdrawal of assets from the country, reinforcing an environment of legal integrity and protecting the rights of bona fide purchasers, creditors, and investors. Kazakhstan remains steadfast in its dedication to upholding international standards, ensuring a resilient legal environment, and fostering sustainable development.

Media contact:

Contact Person: Diana Ablyakimova

Company : Kazakh Invest

Email: [email protected]

Location: Astana, Kazakhstan

Website: https://invest.gov.kz/

Original Source of the original story >> Kazakhstan Upholds Investors' Rights with the Implementation of Pivotal Asset Recovery Law