BISHKEK -- Kyrgyz President Sadyr Japarov has signed into law a property amnesty bill that the government says is aimed at increasing domestic and foreign investment in the Kyrgyz economy and decreasing the level of the so-called "shadow economy."
According to Japarov’s website, the Law on Voluntary Legalization and Amnesty of Personal Assets, which was approved by the Central Asian nation's lawmakers in early May, would cover money and property, even if illegally obtained, as a means of attracting property and assets of individuals to the nation’s legal economy.
Opposition politicians and some public figures have criticized the bill, saying it contradicts Kyrgyzstan's constitution, the nation's international obligations and agreements, as well the nation’s efforts to eradicate corruption. They also say it assists corrupt officials and businessmen to evade justice.
But Japarov has defended the legislation, which he said would allow Kyrgyz billionaires the possibility of bringing assets, including cash and property, into Kyrgyzstan to boost the nation's economy, which urgently needs help.
The amnesty would extend to assets and property officially registered as belonging to other people or located abroad at the moment of their official declaration.
The law will also protect the assets and properties of those who declare them and free the owners of the declared assets of property from any prosecution.
Assets and possessions that have been taken out of circulation due to Kyrgyz law or that have been frozen, impounded, or transferred to another person's ownership, as well as assets and possessions that are the center of criminal or civil trials, are not affected by the new law.
The law also will not impede Kyrgyzstan’s implementation of international and national requirements in terms of measures against financing terrorist activities and money laundering, the presidential website said.