Kazakhstan bans foreign accounts for bureaucrats

RUSSIA / FSU POLITICS - In Brief 07 Sep 2020 by Alex Teddy
On September 2 Kazakhstan announced that politicians, bureaucrats, judges and relatives thereof will be forbidden from having bank accounts in other countries. This is because some public officials have been found to have salted away huge sums of money that cannot be accounted for. Media reports of extravagant houses owned abroad by officials have unsettled the public. The Leader of the Nation's grandson and daughter were the subject of an unexplained wealth investigation in the UK.The country is going to monitor all bank accounts in accordance with the rules of the Organization for Economic Co-operation and Development (OECD). OECD countries will be informed of suspicious transactions. When the new rule takes effect has not been announced. Nor have penalties for breaking the rule been declared. Cynics say that the announcement was intended to assuage public fury. Kleptocrats will easily evade the rule since they hold accounts in other names or via shell companies.

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