Uzbekistan Makes Progress in Addressing FATF Deficiencies

Significant Progress in Technical Compliance

Uzbekistan has made substantial progress in addressing technical compliance (TC) deficiencies identified by the Financial Action Task Force (FATF) in its Mutual Evaluation Report (MER). This achievement demonstrates the country’s commitment to improving its national Anti-Money Laundering/Combating the Financing of Terrorism and Proliferation (AML/CFT/PF) system.

Key Developments

• Upgraded ratings for certain FATF Recommendations: As a result of this progress, the ratings for Recommendations 6, 7, and 22 have been upgraded from “PC” to “LC”, indicating significant improvements in Uzbekistan’s AML/CFT system.
• New databases and data exchange module: The number of integrated databases has increased from 40 to 80, enhancing analytical capacity. A new module has also been launched on the website of the DCEC for seamless transfer and receipt of relevant information.
• Amendments to AML/CFT/PF law: Amendments are expected to be adopted to establish a broader range of sanctions for legal persons.

Areas Requiring Improvement

While significant progress has been made, some areas still require attention:

Insufficient Measures to Address Deficiencies in Recommendation 18

Uzbekistan has taken some measures to address the deficiencies identified in the MER, but they are not considered sufficient by assessors. Ongoing work is needed to strengthen current AML/CFT/PF tools related to Recommendations 3, 4, 5, 8, 12, 26, and 35.

Conclusion

Uzbekistan has made significant progress in improving its national AML/CFT system, but some areas still require attention. The country continues to work towards addressing the remaining deficiencies and strengthening its AML/CFT/PF framework.