For Press

14/09/2017

Astana International Financial Centre (AIFC) and the General Prosecutor Office signed the Memorandum of Cooperation

Today the Governor of Astana International Financial Centre (AIFC) Mr. Kairat Kelimbetov, Prosecutor General of Republic of Kazakhstan Zhakyp Assanov, and the Rt. Hon. the Lord Woolf CH, former Lord Chief Justice of England and Wales signed a Memorandum of Cooperation between the AIFC and the General Prosecutor Office.

         The parties to the Memorandum expressed their support and confidence that the Memorandum will enable effective cooperation between the AIFC Court and the GPO to implement joint initiatives aimed at the promotion of the rule of law and legal education.

         As the Parties noted, the Memorandum will facilitate effective interaction between the newly established court of the AIFC and the General Prosecutor's Office of Kazakhstan in implementing joint initiatives aimed at promoting and ensuring the rule of law.

The Memorandum also presupposes the improvement of the mechanisms for the implementation of the tasks for the establishment of the AIFC court.

It is also envisaged to conduct trainings, seminars, conferences and other joint educational, scientific and research activities.

Reference:

AIFC. In December 2015, the President of the Republic of Kazakhstan, Nursultan Nazarbayev, signed the Constitutional Law “On the Astana International Financial Centre” (AIFC). The aim of the AIFC is to form a leading international centre of financial services. For the first time in a post-Soviet region, a common law framework will be introduced in the AIFC. English shall be the official language of the AIFC.

The objectives of the AIFC are to attract investment into the Republic of Kazakhstan economy through the establishment of an attractive environment for investment in financial services, develop local capital markets, ensuring their integration with international capital markets, and develop markets for insurance and banking services and for Islamic financing in the Republic of Kazakhstan.

General Prosecutor's Office. A state body accountable to the President of the Republic of Kazakhstan exercises supreme supervision over the precise and uniform application of laws, decrees of the President of the Republic of Kazakhstan and other normative legal acts on the territory of the Republic of Kazakhstan. It is also supervise the legality of the operational-search activity, inquiry and investigation, administrative and enforcement proceedings.

Lord Harry Woolf is a member of the Joint Committee on Human Rights and Vice-Chairman of All Party Parliamentary Group. He has been Lord Chief Justice of England and Wales, the first President of the Qatar Financial Centre Civil and Commercial Court, and mediator and arbitrator of Blackstone Chambers. 

AIFC Courts. The AIFC’s Courts are independent in their activity and separable from the judicial system of the Republic of Kazakhstan. The AIFC’s Courts have no jurisdiction in respect of criminal and administrative proceedings and have an exclusive jurisdiction in relation to hearing and adjudicating on any disputes between the AIFC’s participants, the AIFC’s Bodies and/or their foreign employees; hearing and adjudicating on any disputes relating to operations carried out in the AIFC and regulated by the law of the AIFC; hearing and adjudicating on any disputes transferred to the AIFC’