AIFC, Supreme Court, Justice Ministry sign MoC

ASTANA. KAZINFORM On Monday the AIFC Governor, Mr. Kairat Kelimbetov and the Rt. Hon. the Lord Woolf CH, former Lord Chief Justice of England and Wales signed a Memorandum of Cooperation with 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 AIFC press service reports.

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 organizing the training programs 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 modeled on the English common law and international best practice.

As it was reported, President Nazarbayev signed the Constitutional law "On the Astana International Financial Centre" (AIFC) in December 2015. The aim of the AIFC is to form a leading international center 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.

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.