Kazakh Senate approves draft law on financial pyramids

Senate deputies approved a draft law on financial (investment) pyramids countermeasures, El.kz reports with reference to BaigeNews.kz.

"Financial pyramids are one of the serious problems. Therefore, in the fight against financial fraud, it is great importance to improve the current legislation, taking into account modern challenges. Therefore, the adoption of the draft law provides for the recognition of advertising of financial pyramids as a crime and increased responsibility for their creation. We also hope that it will reduce social tensions among citizens affected by investment pyramids," Senate Speaker Maulen Ashimbayev said.

Financial pyramid World Business Consulting in Almaty illegally attracted about six billion tenge.

The draft law was initiated by deputies of the Parliament and is designed to fight against financial pyramids and financial fraud, to suppress these crimes at the initial stage, criminalizing the advertising of financial pyramids.

The main objectives of the draft law are:

- increasing penalties for the creation and management of financial (investment) pyramids;

- establishment of criminal liability for advertising financial (investment) pyramids;

- determination of the investigation for advertising financial (investment) pyramids.

One of the norms - up to seven years in prison threatens citizens who participate in the advertising of financial pyramids.

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