We expect money to return to homeland

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The Ministry of Finance offered new incentives for participants of legalization

To legalize foreign assets, even if they are in trust management. Such a proposal was suggested today by Finance Minister Bakhyt Sultanov at a government meeting during the discussion of the pace of legalization in Kazakhstan.

"There were assurances of representatives of the business community about the large amounts of assets in trust management. The amendment was adopted, but there is not a single fact of legalization of trusted foreign property", - said Sultanov.

According to the Minister of Finance, we need a "good example" to promote this innovation.

For more dynamic legalization it was proposed at the Ministry of Finance to engage the National Chamber of Entrepreneurs "Atameken".

"To advise potential investors who have assets abroad, I suggest to form a special contact group on the basis of NCE RK "Atameken", which will include representatives of the Ministry of Finance, the General Prosecutor's Office, lawyers working with international law and the National Bank", - said B. Sultanov.

The Minister of Finance proposed to establish a group to "clarify aspects of security guarantees for legalization of property, investment opportunities, international tax standards and combating money laundering of criminal proceeds, etc.".

"However, the legalization of income does not mean that capital will automatically return. Money is already invested in something abroad. Therefore, we need to create the conditions and tools for profitable investment", - said B. Sultanov.

In addition, the Minister of Finance named the approximate amount of outflow of capital abroad.

"Of course, there is the question: what is the volume of money abroad? Judging by the balance of payments since 2007 (i.e. since the last legalization), the amount of outflow in the coloumn "errors and omissions" is 20 billion dollars for 9 years ", - said the minister, adding that it is "indirect", but the only statistical indicator".

In this regard, the Minister of Finance Sultanov believes that "there are reserves for the legalization of money overseas".

"Money must make money. Big money evolve in large projects. Kazakhstan today provides a really profitable tool for investment - the objects of privatization in the first place, the TOP-65", - summed up Bakhyt Sultanov.

Zhanar Serdalina