Banks have become concentration of fraudsters: President Nazarbayev

Kazakhstan’s President Nursultan Nazarbayev has urged the nation’s Parliament to speed up passing the law on banks and banking operations. “The Parliament has been considering the draft legislation on banks aimed at minimizing risks for already a year. Debates have been on the rise on the draft law on project financing since late last year. The state of the global financial system remains alarming (…) These draft laws provide for legal safeguards for all types of consumers of financial services. I am asking you to speed up passing these laws”, President Nursultan Nazarbayev stated at the joint sitting of the two Parliament chambers September 1, opening the new session. “Three years ago we all witnessed to what happened to the national banking system (…) It’s the absolutely liberal banking system, absolutely uncontrolled, that resulted in such a lamentable situation. We still have to be dealing with some troubled banks. Banks, especially BTA, have become concentration of fraudsters (…) Therefore laws that will dot all the i’s are downright indispensable”, the President said.