Financial Crime World

Experts Emphasize Importance of Expert Community in Uzbekistan’s AML/CFT Efforts

Background

In a recent research and practice conference held in Moscow, experts from the Eurasian Group (EAG) emphasized the critical importance of forming an expert community in Uzbekistan to combat money laundering and financing of terrorism (AML/CFT).

The Eurasian Group’s Role

The EAG, comprising member states including China, Belarus, Kazakhstan, Kyrgyzstan, Russia, Tajikistan, Turkmenistan, and Uzbekistan, aims to develop national AML/CFT regimes among its members. The group’s plenary meeting, set to take place in Moscow on December 14-15, will assess preliminary results of EAG activities and discuss future plans.

Expert Insights

Experts stressed that a strong expert community is essential for effective implementation of AML/CFT measures in Uzbekistan. “Uzbekistan needs to develop its own expertise in AML/CFT, as relying solely on foreign support may not be sufficient,” said one expert.

Cooperation between Law Enforcement and Financial Institutions

The conference also highlighted the importance of cooperation between law enforcement agencies and financial institutions in combating economic crime. The Russian Trading System (RTS) has recently formulated regulations for combating money laundering through the stock exchange, which is expected to serve as a model for other countries.

International Cooperation

Meanwhile, Uzbekistan’s Ministry of Interior and the FBI of the USA are planning to create a specialized working group on combating corruption. This cooperation aims to develop dialogue in this field and welcome the possibility of creating a joint working group on combating corruption.

Regional Developments

Additionally, Kyrgyzstan and Tajikistan have strengthened their cooperation in the AML/CFT sphere by signing an agreement on cooperation between the State Financial Intelligence Service of Kyrgyzstan and the Department of Financial Monitoring at the National Bank of Tajikistan.

Conclusion

Overall, experts emphasize that Uzbekistan’s AML/CFT efforts require:

  • A strong expert community
  • Effective cooperation with law enforcement agencies and financial institutions
  • International cooperation to combat economic crime

By addressing these key areas, Uzbekistan can effectively combat money laundering and financing of terrorism.