Financial Crime World

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Implementing Compliance Systems in Uzbekistan’s Economy

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Uzbekistan has made significant strides in implementing a comprehensive compliance system across various sectors of its economy. This system aims to prevent corruption offenses, ensure transparency and fairness in compensation for training programs, and promote a culture of accountability.

Key Points

  • The Government of Uzbekistan has taken measures to implement a compliance system in state bodies, ensuring that all stakeholders are aware of their roles and responsibilities.
  • The Ministry of Justice has implemented anti-corruption compliance and created the position of “officer integrity” for the implementation and coordination of anti-corruption policy.
  • The Cadastral Agency under the State Tax Committee also has a system of compliance control in place.

Recommendations

To further strengthen Uzbekistan’s compliance system, we recommend the following:

  • Regular Training: Conduct regular compliance courses for all employees to ensure they understand their roles in implementing the compliance system.
  • Incentive System: Establish an incentive system to motivate employees to adhere to compliance standards and promote a culture of integrity.
  • Internal Checks and Balances: Implement a robust internal system of checks and balances to ensure that the compliance system is effective and functioning as intended.
  • Supporting Departments: Establish personnel service, financial control system, and other related departments to support the implementation of the compliance system.
  • Regulatory Review: Review existing local regulations and update them to align with the compliance system.

By following these recommendations, Uzbekistan can further strengthen its compliance system and reduce corruption risks in various sectors. Implementing a robust compliance system requires ongoing effort and commitment from all stakeholders, but the benefits of increased transparency and accountability make it well worth the investment.