Uzbekistan

New Documents

The Japanese Ministry of Finance announced the entry into force of its tax convention with the Republic of Uzbekistan.

The Swiss Federal Council entered into a Memorandum of Understanding with the Government of Uzbekistan on the restitution of illicit assets derived from criminal acts.

News

Enforcement Actions

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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

Technical Effectiveness
Compliant : 7 High :
Largely Compliant : 18 Substantial :
Partially Compliant : 21 Moderate :
Non-Compliant : 1 Low :
Not-Applicable : 2

BASEL i

Rank : 50/125
Score : 5.71/10

TRANSPARENCY INTERNATIONAL i

Rank : 153/180
Score : 25/100

Tax Justice Network i

Rank : N/A
Score : N/A