Financial Crime World

Comprehensive Overview of Uzbekistan’s Anti-Money Laundering (AML)/Counter-Terrorism Financing (CTF)/Financial Protection against Weapons of Mass Destruction (FPWMD) System

External AML/CFT/FPWMD Control

The Department for Combating Economic Crimes under the Prosecutor General’s Office is responsible for identifying, assessing, and mitigating risks related to money laundering, terrorism financing, and the proliferation of weapons of mass destruction. The department receives information from various sources:

  • Reports from organizations engaged in transactions with cash or other property
  • Information received through official channels from competent authorities of foreign states and international organizations

Internal AML/CFT/FPWMD Control

Organizations engaged in transactions with cash or other property are required to implement internal controls to identify suspicious transactions and report them to the Department. These organizations include:

  • Commercial banks
  • Non-bank credit institutions
  • Organizations providing leasing services
  • Notary offices and law firms

Internal control rules for these organizations cover customer verification, risk assessment, and reporting of suspicious transactions.

Suspension of Operations and (or) Freezing of Funds or Other Property

If a transaction is recognized as suspicious, the organization must report it to the Department. The Department may then suspend operations and freeze funds or other property related to the transaction.

Commercial banks submit information on currency transactions to the State Tax Service. The service monitors this information to identify questionable transactions and notify the Department if suspicious activity is detected.

Further Development of the AML/CFT/FPWMD System

The Strategy for the Development of the National AML/CFT/FPWMD System aims to bring the national system in line with international standards and recommendations. The priority areas include:

  • Minimizing risks identified at the national level
  • Improving the effectiveness of state bodies’ activities
  • Developing cooperation with international organizations and foreign states
  • Introducing modern information technologies
  • Professional development of employees involved in this field

The Strategy aims to achieve the following results:

  • Ensuring implementation of international standards in legislation and law enforcement practice
  • Eliminating shortcomings in legislative acts within the framework of fulfillment of international obligations
  • Further strengthening of the national system and stability of the financial sector
  • Improvement of the republic’s indicators in international ratings and indices