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Kazakhstan Hopes Legalizing 'Shadow Capital' Will Bring In $10 Billion

Kazakhstan is legalizing "shadow capital" in an effort to pump more money into the economy.

Under a decree signed by President Nursultan Nazarbaev in June, the legalization of illegally obtained money, securities, and shares in companies or property can be carried out between September 1 and the end of 2015.

Capital or property declared during this period will not be taxed.

The Kazakh government hopes that the move will bring up to $10 billion to Kazakh banks.

Property or capital obtained through crimes against individuals, corruption, or actions against Kazakhstan’s constitution cannot be legalized.

It is the third campaign to legalize shadow capital in Kazakhstan since the country gained independence in the Soviet collapse of 1991.

With reporting by Kazinform and Tengrinews
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