Article 12. Composition of asset recovery measures The Law on the Return of Illegally Acquired Assets to the State

Home / RLA / Article 12. Composition of asset recovery measures The Law on the Return of Illegally Acquired Assets to the State

1. Measures aimed at asset recovery include: measures to search for (disclose), confirm the origin of assets, provisional interim measures, interim measures, measures for the voluntary or compulsory return of assets, management of assets confiscated or converted into State revenue, and other measures.

2. Asset search (disclosure) measures include a set of measures aimed at establishing the existence of assets to be returned, determining their actual and legal location, establishing schemes of corporate, actual and other links between assets and persons owning or controlling assets, and other information necessary for further work aimed at returning assets.

3. Measures to confirm the origin of assets include a set of measures aimed at confirming the legality of the formation (acquisition), origin, accumulation of assets, analysis and evaluation of information and evidence.

4. Provisional interim measures, interim measures include measures provided for by the legislation of the Republic of Kazakhstan and international treaties of the Republic of Kazakhstan, the legislation of foreign states.

5. Measures for the voluntary or compulsory return of assets include measures provided for in the provisions of Chapter 4 of this Law.

6. Measures to manage assets that have been confiscated or converted into State revenue include measures to:

1) taking assets into management;

2) incurring the costs of maintaining and securing assets;

3) appointment of external (trust) managers of assets located outside the Republic of Kazakhstan, prior to their sale or return to the Republic of Kazakhstan;

4) determining the conditions for the disposal of assets, including the sale of assets that have been confiscated or converted into state revenue;

5) ensuring the uninterrupted operation of enterprises in respect of which preliminary interim measures have been taken, interim measures, as well as enterprises that have been converted into state revenue;

6) other issues related to the management and disposal of assets.

7. The measures provided for by this Law may also be taken if it is necessary to provide legal assistance to foreign States.

This Law, in the interests of current and future generations of Kazakhstanis, regulates public relations to identify and return illegally acquired assets to the state (hereinafter referred to as asset recovery) in order to restore the violated rights of the people of Kazakhstan, ensure the rule of law, social justice, and sustainable economic and social development of Kazakhstan for the benefit of its people.

President

Republic of Kazakhstan

Constitution Law Code Standard Decree Order Decision Resolution Lawyer Almaty Lawyer Legal service Legal advice Civil Criminal Administrative cases Disputes Defense Arbitration Law Company Kazakhstan Law Firm Court Cases