Tajikistan’s lower chamber (Majlisi Namoyandagon) of parliament (Majlisi Oli) has endorsed a draft law on amnesty allowing individuals to legalize their assets and money that had not been previously declared and illegal incomes.
A regular sitting of the Majlisi Namoyandagon., presided over by its head, Mahmadtoir Zokirzoda, took place on June 30.
Lawmakers unanimously voted for endorsement of this law, which is supposed to create favorable conditions for attraction citizens’ investments in the country’s economy.
The legalization of assets and money automatically exempts holders of such assets from administrative and criminal liability.
This law applies only to offences relating to misappropriating or embezzling the legalized assets and money.
The Majlisi Namoyandagon notes that such an amnesty is only a one-time initiative.
This law reportedly provides for the simultaneous legalization of both assets and money
Tajikistan has some experience in carrying out such amnesties, which were announced in the country three times. But the simultaneous legalization of both assets and money will be carried out in Tajikistan for the first time.
The first such an action was carried out in 2003 to attract additional financing in the country’s economy. The law provided for legalization of money only and did not apply to assets.
In address to the parliament, President Emomali Rahmon noted in April 2004 that 190 million U.S. dollars owned by 18,000 people had been legalized in the framework of that one-time action.
The next such an action was carried out in 2008-2009 and it applied only to assets, which were illegally acquired or misappropriated.
As a result, more than 87,000 assets at a total cost of 19 billion somonis (equivalent to US$5 billion at the then exchange rate) had been legalized.
The third amnesty for legalized money was held in 2010-2011. The law that was passed at the time provided for legalization of money for purchase of shares of the Open Joint-Stock Company (OJSC) NBO Roghun, which was founded by the Government for completion of the construction of the Roghun hydroelectric power plant. The authorities opened special bank accounts for this.
The results of this amnesty were not made public. It is probably due to insignificant volume of the legalized funds.
