Financial Crime World

Here is the rewritten article in markdown format:

Uzbekistan Enhances Compliance with FATF Standards

=====================================================

Strengthening Financial System and Combating Illicit Activities

Tashkent, Uzbekistan - In a bid to strengthen its financial system and combat illicit activities, Uzbekistan’s Department for Combating Economic Crimes under the General Prosecutor’s Office has stepped up efforts to comply with international standards set by the Financial Action Task Force (FATF).

The Role of the Department

As the country’s financial intelligence unit, the department is tasked with overseeing anti-money laundering (AML) and combating the financing of terrorism (CFT) activities. Headed by Dilshod Rakhimov, the department operates under a comprehensive legal framework that includes:

  • The Constitution of Uzbekistan
  • Various laws and decrees related to prosecution authorities
  • International treaties

Key Objectives

The department’s key objectives include:

  • Detecting and preventing economic crimes, corruption, money laundering, terrorist financing, and proliferation financing
  • Cooperating with foreign competent authorities and relevant international organizations to share information and best practices in combating illicit activities

Implementing AML/CFT Legislation

To achieve these goals, the department is responsible for implementing AML/CFT legislation and regulations, including:

  • Identifying, freezing, and confiscating assets related to illicit activities
  • Preventing transactions that contradict state interests
  • Detecting schemes of illegal currency turnover
  • Combating the development of a shadow economy

Enhancing Public Awareness and Cooperation

To enhance public awareness and facilitate cooperation with financial institutions and citizens, the department provides:

  • Contact information, including a helpline number, email address, and official website
  • Clear directions for those seeking to report suspicious activities or seek guidance on AML/CFT matters

The Impact of Enhanced Compliance

By intensifying its efforts to comply with FATF standards, Uzbekistan aims to:

  • Strengthen its financial system
  • Reduce the risk of illicit activities
  • Promote a more stable economic environment