“One requirement should be removed from Kazakhstan’s Criminal Code” — MP proposes

Kurultai MP Yury Lee spoke out against illegal moneylending and proposed strengthening measures to combat financial pyramids and fraudulent schemes.

According to the MP, Kazakhstan’s Criminal Code already provides for liability for illegal banking and microfinance activities. However, he believes that one of the requirements concerning the amount of financial damage needed for criminal prosecution should be reconsidered.

Yury Lee noted that under the current requirement, the damage caused must reach a certain amount before those responsible can be held criminally liable.

The MP also proposed promptly blocking illegal websites and financial advertising, as well as strengthening oversight of the collection of personal and biometric data online.

He also highlighted the importance of launching a nationwide information campaign aimed at warning citizens about new methods of fraud.

Earlier, the Prosecutor General’s Office reported that over the past two years, criminal cases considered by the courts resulted in 66.5 billion tenge in damage to the state. Of this amount, 30.1 billion tenge remained unrecovered.

Source: Tengrinews.kz