Kazakhstan ranks 11th out of 148 countries in the rating of illegal capital outflow from the country. This was announced by deputy Sultanbek Makezhanov at a round table in the Senate on April 30, 2024.
Sultanbek Makezhanov noted that at the moment, the amounts of illegally withdrawn funds from the country have reached enormous proportions.
"The American international research organization Global Financial Integrity (GFI), which tracks the movement of illegal funds worldwide, in its annual study 'Illegal Capital Outflow from Developing Countries' indicated that about $16.7 billion is illegally withdrawn from Kazakhstan annually. Our country ranks 11th out of 148 countries," the senator said.
According to him, illegal capital outflow beyond the country has several negative consequences for Kazakhstan.
- Firstly, shadow capital turnover is not taxed, resulting in the state budget not being fully replenished.
- Secondly, legalized capital does not need to be hidden; it could be invested within the country, stimulating the growth of the domestic economy.
On October 10, 2023, the National Bank of Kazakhstan identified signs of money being transferred abroad.
On March 6, 2024, tax authorities reminded Kazakhstanis of the rules for exporting foreign currency from the country.
