ASTANA, June 14. /TASS/. Kazakhstan’s Majilis, or lower house of parliament, passed a bill on the return of illegally acquired assets to state custody, TASS reports from the scene.

The key objective of the law is defined as regulating social relations pertaining to searching for, confirming the origin of, and implementing measures for ensuring the safekeeping, management, sale and return to state custody of assets that were acquired illegally or illicitly siphoned off. In particular, the law stipulates the establishment of an agency authorized to deal with assets illegally siphoned off and the creation of a special government fund and management company to accumulate returned assets and finance social and economic projects aimed at improving the nation’s welfare.

The Majilis Committee on Legislation and Judicial Reform issued an opinion stating that, over the past 25 years, assets were illegally acquired and unlawfully removed from Kazakhstan. "According to estimates by different experts, about $140-160 bln [in assets] was siphoned off abroad during the indicated period as a result of the theft of government funds, corruption, embezzlement of funds, and tax evasion," the committee noted.

The bill will now go to the Senate, the upper house of parliament, after passing the Majilis.