For Press

28/08/2017

Astana International Financial Centre (AIFC), the Supreme Court of the Republic of Kazakhstan and Ministry of Justice of the Republic of Kazakhstan signed a Memorandum of Cooperation

Today the Governor of the AIFC, Mr. Kairat Kelimbetov and the Rt. Hon. the Lord Woolf CH, former Lord Chief Justice of England and Wales signed a Memorandum of Cooperation between the Supreme Court of the Republic of Kazakhstan and Ministry of Justice of the Republic of Kazakhstan represented by the Chairman of the Supreme Court of the Republic of Kazakhstan, Mr. Kairat Mami and Minister of Justice of the Republic of Kazakhstan, Mr. Marat Beketayev respectively.

The Parties expressed their support and confidence that the Memorandum will enable effective cooperation between them to implement joint initiatives aimed at the promotion of the rule of law, efficient enforcement of the AIFC Court`s decisions, and legal education including organising the training programmes and conferences.

According to the Plan of the Nation, “100 concrete steps”, on the implementation of five institutional reforms of the President of the Republic of Kazakhstan, the AIFC will have an independent Court that will apply law modelled on the English common law and international best practice.

Reference

AIFC. In December 2015 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 the post-Soviet region, 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 economy through the establishment of an attractive environment for investment in the financial services, to develop local capital markets, ensuring their integration with the international capital markets, and to develop markets for insurance and banking services and for Islamic financing in the Republic of Kazakhstan.

 

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

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’s Courts by agreement of the parties.

 

The Supreme Court of the Republic of Kazakhstan. The highest judicial body for civil, criminal and other cases that are under the jurisdiction of local and other courts, it supervises their activities and provides interpretations on issues of judicial practice. The status of the Supreme Court is prescribed in the Constitution of the Republic of Kazakhstan.

 

The Ministry of Justice of the Republic of Kazakhstan is the central executive body within the structure of the Government of the Republic of Kazakhstan, formed by, reorganized and abolished by the President of the Republic on the recommendation of the Prime Minister of the Republic. Ministry of Justice of the Republic of Kazakhstan improves the system of reporting and evaluation of the priority issues of crime prevention, the protection of constitutional rights and freedoms of citizens, the interests of society and the state, the confidence of the population, with the definition of the external evaluation mechanisms, given by the representative bodies and the public, with the introduction of the rating level corruption and establish various forms of cooperation with civil society.