Uzbekistan

New Documents

OECD: Uzbekistan Joined Global Forum Against Tax Evasion

The Organisation for Economic Co-operation and Development announced that Uzbekistan has become the 164th member of the Global Forum on Transparency and Exchange of Information for Tax Purposes.  

May 19, 2022

OSCE Hosts Seminar on Open Data Use in Combating Corruption

The Organization for Security and Cooperation in Europe project coordinator in Uzbekistan hosted a virtual seminar on anti-corruption.

December 21, 2020

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

October 8, 2020

Switzerland, Uzbekistan Sign MoU on Restitution of Criminal Proceeds

September 15, 2020

EAG, Uzbekistan Participate in AML, Anti-Corruption Conference

June 3, 2020

News

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

U.S. senators seek sanctions on Russian gold, U.K. lawmakers advance economic-crime bill, and more, in the midweek roundup.

March 10, 2022

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

JAK Medlemsbank hit with AML fine in Sweden, Belgium accuses ING of facilitating money laundering, and more, in the weekly roundup

June 19, 2020

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

March 20, 2020

Weekly Roundup: 5AMLD Takes Effect, US Ruling Impacts Money Laundering Cases, and More

January 10, 2020

Midweek Roundup: Chinese Lender Risks US Blacklisting, Lloyds Blocks Thousands of Clients, and More

June 26, 2019

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

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

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