Updated on October 24, 2014 1:25PM (AST)
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Deputy Chairperson of the Committee for Protection of Children’s Rights of Kazakhstan’s Ministry of Education and Science Manshuk ABDYKARIM:
ALTERNATIVE FAMILY-BASED CARE FOR ORPHANED CHILDREN IS ACTIVELY IMPLEMENTED IN KAZAKHSTAN, NUMBER OF ORPHANAGES ARE DECREASING

Ambassador Extraordinary and Plenipotentiary of Japan to Kazakhstan Masayoshi KAMOHARA: EXPO-2017 WILL CONTRIBUTE TO FURTHER DEVELOPMENT OF KAZAKHSTAN

Director of Kazakhstan’s Institute for Strategic Studies Bulat SULTANOV: CREATION OF THE EURASIAN ECONOMIC UNION IS NOT DOGMA BUT GUIDANCE FOR ACTION

First Deputy Prime Minister of Kazakhstan Bakytzhan SAGINTAYEV: EURASIAN ECONOMIC UNION IS AN INTERNATIONAL ORGANIZATION FOR REGIONAL ECONOMIC INTEGRATION ONLY


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Kazakhstan's new criminal code threatens Ponzi scheme masterminds with severe punishment

Almaty. January 25. INTERFAX-KAZAKHSTAN - A new version of Kazakhstan's criminal code to be reviewed by the government in May this year would significantly toughen punishment for the creation and masterminding of Ponzi schemes.

According to Article 224 of the draft code, individuals organizing and masterminding Ponzi schemes would face fines of up to 3,000 monthly calculation indices (MCI) or correctional community work or would be imprisoned for 3 years without/with confiscation of their property. Gangs of individuals for the same offences would face imprisonment of up to 7 years without/with confiscation of property. Imprisonment could be up to 10 years when the same criminal activities were aimed at receiving extremely large amounts of money. (1 MCI is currently 1,731 tenge. The exchange rate is 150.7 tenge /$1).

Kazakhstan's current laws do not have a definition for Ponzi schemes and individuals cannot be prosecuted for this kind of fraud. As reported, over 2,600 people were cheated in a KazRosInvestProekt Ponzi scheme in 2011 in Kazakhstan, then its masterminds were jailed for fraud and tax evasion.

The new version of the criminal code would proceed to Kazakhstan's parliament in August this year.



OTHER TOP NEWS

Kazakhstan to celebrate 550th anniversary of foundation of Kazakh state in 2015

ASTANA. Oct 23 (Interfax-Kazakhstan) – Kazakhstan President Nursultan Nazarbayev on Wednesday during a meeting with Astana public activists reminded of the value and importance of independence.

Nazarbayev warns against overzealous patriotism

ASTANA. Oct 23 (Interfax-Kazakhstan) – Social stability and equality of all citizens of Kazakhstan remain unshakable principles, said President Nursultan Nazarbayev on Wednesday during a meeting with Astana administration.

Possible economic slowdown in Russia to affect Kazakhstan – Nazarbayev

ASTANA. Oct 23 (Interfax-Kazakhstan) – If the economic situation in Russia deteriorates, it may affect Kazakhstan, said Kazakh President Nursultan Nazarbayev.


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