According to Finance Minister Yerulan Zhamaubayev, Kazakhstani officials and members of their families will be prohibited from having accounts in foreign banks starting from next year.
To ensure this new rule, the government plans to intensify its fight against the shadow economy and improve legislation on money transfers to offshore jurisdictions.
In part, these efforts are based on Financial Action Task Force on Money Laundering (FATF) recommendations, particularly to introduce a ban on any kind of foreign bank accounts for government officials, quasi-public sector representatives as well as for members of their families; to give law enforcement a power to require from businesses full information about their ultimate beneficiaries.
In the frame of OECD cooperation, Kazakhstan’s tax authorities will exchange financial data on accounts with other countries to analyze this information and fight corruption.
Earlier, on September 1, the President of Kazakhstan, Kassym-Jomart Tokayev, addressed the people of Kazakhstan and announced new restrictions that aimed to prevent civil servants, deputies and judges from holding funds and valuables in foreign banks. The new rule will be put in force in 2021.
“There is no option for a civil servant or the head of a quasi-public institution to have dual citizenship. If they do that, they should be removed from office immediately,” the president stated.
The president also stressed that it’s necessary to introduce into the Criminal Code stricter punishments for the corruption of law enforcement officials, judges and bribe-takers.