NUR-SULTAN — Kazakhstan’s government has announced that officials and members of their families will be barred from having bank accounts abroad.
Finance Minister Erulan Zhamaubaev said on September 2 that the plan is linked to his ministry’s program to fight against the shadow economy and to enhance the development of financial regulations.
Zhamaubaev also said that all bank accounts in the country will go through check-ups in line with a program on sharing information between member states of the Organization for Economic Cooperation and Development (OECD).
The OECD is an international group of 37 countries with market economies that cooperate with more than 70 non-member economies to promote economic growth and sustainable development.
Zhamaubaev did not specify when exactly the plan will start being implemented.
His announcement came a day after President Qasym-Zhomart Toqaev said in an address to the nation that it was necessary as of 2021 to bar government officials, lawmakers, and judges from having bank accounts abroad to prevent corruption.