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More than $140 billion offshored from Kazakhstan in 10 years 23 июня 2014, 12:54

More than $140 billion have been offshored from Kazakhstan over the past decade, according to international experts.
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More than $140 billion have been offshored from Kazakhstan over the past decade, Tengrinews reports citing the Kazakh Prosecutor General’s office.

"According to evaluations of experts, the outflow of capital from Kazakhstan to offshore zones over the past ten years has exceeded $140 billion," the statement said.

Kazakhstan is ridden with serious shortcomings and still possesses untapped mechanisms of regulation of the money outflow, the experts believe.

"Effective work is impeded by lack of harmonized work and coordination between law enforcement and fiscal institutions. (...) The efficiency of the Financial Monitoring Committee's work to collect and analyze materials relating to suspicious deals and cash transactions is low," the Prosecutor's Office said.

Around 1.5 trillion tenge ($8.17 billion) is offshored by individuals from Kazakhstan every year. The Office did not specify the amount offshored by companies.

Concerned with the money outflow and the damage it causes to the country's economy, the Kazakhstan government initiated an amnesty of capitals and property. It will start in September this year and is expected to bring billions back into Kazakhstan. Those willing to participate in the legalization will be able to avoid serving prison sentences for their economic crimes. 

Reporting by Assemgul Kassenova, writing by Dinara Urazova, editing by Tatyana Kuzmina

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