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Senate of the Parliament
of the Republic of Kazakhstan

News

Liability for advertising of pyramid schemes was discussed in the Senate

27.06.2022 142

The deputies of the Senate Committee on Constitutional Legislation, Judicial System and Law Enforcement Agencies at their meeting considered the recommendation of the President on the election of Mauken Erkesh to the post of Judge of the Supreme Court of the Republic of Kazakhstan, in addition at an enlarged session deputies discussed draft laws "On Amendments and Additions to Some Legislative Acts of the Republic of Kazakhstan on Combating Activity of Financial (Investment) Pyramids", "On Amendments and Additions to the Code of the Republic of Kazakhstan on Administrative Offences on Issues of Combating Activity of Financial (Investment) Pyramids".

In particular, the bills provide for suppression of crimes at the initial stage of dissemination advertisements of pyramid schemes, a new Criminal Code Article 217-1 is introduced for this purpose. Criminal liability for establishing and running financial pyramid schemes is strengthened. Article 150 of the CAO is clarified for clear distinction of administrative and criminal responsibility for advertising of financial pyramids.

As a result of the discussion the Committee members decided to send the bill to the House for consideration in the first reading.

(Senate Press Service, 74-72-27)

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