uz1 Uzbekistan

New Documents

Switzerland, Uzbekistan Sign Restitution Agreement Covering Illicit Assets

The Federal Department of Foreign Affairs announced that Switzerland and Uzbekistan signed an agreement concerning the restitution of criminal assets that were confiscated during proceedings in connection with Gulnara Karimova.

August 16, 2022

EAG Publishes Mutual Evaluation Report on AML/CTF Framework of Uzbekistan

The Eurasian Group on Combating Money Laundering published a mutual evaluation report on Uzbekistan’s anti-money laundering and counterterrorist financing regime, highlighting significant efforts by authorities in the country to assess risks and develop measures to mitigate them.

August 1, 2022

OECD: Uzbekistan Joined Global Forum Against Tax Evasion

May 19, 2022

OSCE Hosts Seminar on Open Data Use in Combating Corruption

December 21, 2020

Japan, Uzbekistan Adopt Agreement to Elimination Double Taxation on Income, Prevent Tax Evasion

October 8, 2020

News

Weekly Roundup: Whistleblowers Flag AML Gaps at Cash App, Swiss Banker Ignored 1MDB Payments, and More

OFAC blacklists Iranian procurement network, AML breaches cost Spanish bank, and more, in the weekly roundup.

February 16, 2024

Midweek Roundup: Twitter Calls FinCEN, US Officials Reconsider AML Rules for Investment Advisers, and More

U.S. investigators seize stolen bitcoins, “Hushpuppi” sentenced, and more, in the midweek roundup.

November 9, 2022

Midweek Roundup: Biden Orders Cryptocurrency Review, FinCEN Warns of Russian Sanctions Evasion, and More

March 10, 2022

Weekly Roundup: Wirecard Chief Resigns After $2 Billion Goes Missing, Head of Swiss FIU Leaves Post, and More

June 19, 2020

Weekly Roundup: Swedbank Fined €360 Million for AML Breaches, MM Warburg to Forfeit €176 Million, and More

March 20, 2020

Enforcement Actions

0 Items Found

Key Documents

Uzbekistan Releases Amended AML/CFT Law

March 1, 2009

Uzbekistan Enacts Law to Combat Terrorism, Financing of Terrorism

December 14, 2000

Uzbekistan Releases Amended Statute Establishing Its FIU

October 12, 2009

Important Facts

  • The U.S. Department of State labels Uzbekistan as a major money laundering jurisdiction. Due to pervasive corruption, well-connected individuals can establish private banks and thus launder illicit proceeds, circumventing official regulations. Narcotics and other smuggled goods enter Uzbekistan mainly through the borders of Afghanistan and Tajikistan, likely with the complicity of corrupt officials. Corruption, narcotics trafficking and smuggling generate the majority of illicit proceeds. Local and regional drug trafficking and other organized criminal organizations control narcotics markets and proceeds from other criminal activities. Given Uzbekistan’s predominantly cash economy and significant migrant flows, associated money transfer systems, including the introduction of cryptocurrencies, remain major money laundering risks. Legal entities are not criminally liable for money laundering in Uzbekistan. However, Uzbekistan has a comprehensive know your customer (KYC) and suspicious transaction reporting framework, including, for legal persons.  KYC rules cover insurance companies, insurance brokers, securities market players, stock exchange members, financial leasing companies and postal service operators. In 2018, Uzbekistan’s president transformed the financial intelligence unit into the PGO Department on Economic Crimes with a broader mandate, including corruption and money laundering crimes.
Source: 2019 International Narcotics Control Strategy Report (INCSR)  

Rankings

FATF i | 2013 Methodology

Technical Effectiveness
Compliant : 8 High : 0
Largely Compliant : 23 Substantial : 6
Partially Compliant : 9 Moderate : 5
Non-Compliant : 0 Low : 0

BASEL i

Rank : 43/141
Score : 5.71/10

TRANSPARENCY INTERNATIONAL i

Rank : 153/180
Score : 25/100

Tax Justice Network i

Rank : N/A
Score : N/A