President of Kyrgyzstan Sadyr Japarov signed the law on voluntary legalization and amnesty of assets of individuals. Press service of the head of state reported.
The law was adopted by the Parliament of the Kyrgyz Republic on May 4, 2023.
The document was adopted to attract property and income of individuals into legal economic turnover by:
- Creation of an effective legal mechanism for legalization through the voluntary declaration by individuals of their assets, including those nominally registered to other persons and / or located outside the country, as of the time of asset declaration;
- Increasing domestic and foreign investment in the economy of Kyrgyzstan;
- Reducing the share of the shadow economy;
- Providing guarantees for the safety of assets and protecting their owners from prosecution by the state bodies of the Kyrgyz Republic for violations of legal requirements that could have taken place before the introduction of voluntary declaration of assets provided for by this law.
The law will not apply to assets:
- Restricted in turnover or withdrawn from turnover under the legislation of Kyrgyzstan;
- Assets for which, at the time of enactment of the law, a valid court decision on their arrest and confiscation or transfer to another person, as well as assets that are the subject of criminal and civil proceedings, is in force in Kyrgyzstan or outside the Kyrgyz Republic.
«In addition, the law will not prevent the implementation of international and national requirements in the field of combating the financing of terrorist activities and money laundering, including international and interagency cooperation in this area,» press service of the president stressed.
The law was published in Erkin-Too newspaper on June 9, 2023. However, the press service announced its signing only today.
Earlier, the lawyers of Adilet legal clinic pointed out that the draft law is contrary to international treaties.
