AIFC Legal System
Astana International Financial Center (AIFC) is a major platform for resolving economic disputes. The AIFC court and the International Arbitration Center were presented in Astana. The AIFC Court, based on the principles of the English law, will deal with the disputes not only for the organizations registered at the center, but also for all foreign companies conducting business operations in Kazakhstan. As the AIFC Court is not part of Kazakhstan’s judicial system, it will effectively protect the rights of investors, and will also become the main platform for resolving commercial disputes throughout Central Asia. According to Michael Blair, chairman of the AIFC Legal Advisory Council, all processes will be conducted exclusively in English and using the best practices of England and Wales. This will significantly expand the center's capabilities.
MICHAEL BLAIR, CHAIRMAN, AIFC LEGAL ADVISORY COUNCIL:
- English Law was chosen deliberately by your president, the president of the republic, and I am very glad he did, because I think that was a wise decision on his part. English law is used in a great many countries across the world. For next year my advisory council will be doing two things. The first is to look at the some of the thirty acts that we recommended last year. The second thing we are going to be doing is to be prepared to help with expanding the jurisdiction of the AIFC.