Kazakhstan starts fighting against transferring funds to offshore zones

ASTANA.KAZINFORM - Kazakhstan will start a massive fight against transferring funds to offshore zones. "This has been announced today at a meeting of the Public Council on anti-corruption and the shadow economy ", said the head of information - analytical department of the Financial Police Olzhas Bektenov

"Developing anti-corruption strategy, we paid close attention to the problem of large-scale use of offshore by domestic enterprises. In addition to the permanent transferring abroad, there is one more threatening problem. It is the lack of transparency in the structure of ownership in the strategic Kazakh companies. Currently, the identification of the ultimate beneficiary is not possible "O.Bektenov said. He noted that the current situation is complicated by the fact that offshore jurisdiction allows legalize illegally earned capital. "As a rule, dirty money comes back to Kazakhstan under the guise of respectable foreign investment. It is necessary to block the possibility to transfer substantial public funds in the form of procurement, to ensure accountability of each budget KZT spent by the government agencies and quasi-public sector entities, he added.