Financial Crime World

Uzbekistan Scores Mixed Marks on FATF Compliance Review

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

Tashkent, Uzbekistan - In a recent assessment, Uzbekistan has shown mixed results in its compliance with the Financial Action Task Force (FATF) recommendations aimed at preventing money laundering and terrorist financing.

Areas of Strength

National Cooperation and Coordination

  • Uzbekistan received a largely compliant rating for national cooperation and coordination (R.2)
  • The country demonstrated effective collaboration between various government agencies to prevent money laundering and terrorist financing

Money Laundering Offense

  • Uzbekistan earned a compliant rating for its laws on money laundering offense (R.3)
  • The country has implemented robust legislation to prevent the concealment of proceeds from criminal activities

Targeted Financial Sanctions

  • Uzbekistan received a compliant rating for targeted financial sanctions related to terrorism and terrorist financing (R.6)
  • The country has put in place effective measures to freeze assets and impose travel bans on individuals involved in terrorist activities

Areas for Improvement

Laws on Non-Profit Organizations

  • Uzbekistan fell short in this area, earning a non-compliant rating for its laws on non-profit organizations (R.8)
  • The country needs to strengthen its regulations to prevent the misuse of non-profit organizations for money laundering and terrorist financing purposes

Transparency and Beneficial Ownership

  • Uzbekistan received non-compliant ratings for transparency and beneficial ownership of legal persons and arrangements (R.24 and R.25)
  • The country should improve its disclosure requirements and enhance its ability to identify the true owners of companies and other entities

Partially Compliant Ratings

Confiscation and Provisional Measures

  • Uzbekistan received a partially compliant rating for confiscation and provisional measures (R.4)
  • While the country has implemented some measures to seize assets, it needs to improve its procedures to ensure effective confiscation of proceeds from crime

Terrorist Financing Offense

  • Uzbekistan earned a partially compliant rating for terrorist financing offense (R.5)
  • The country should strengthen its laws and regulations to prevent the provision of financial services to individuals involved in terrorist activities

Conclusion

The mixed results reflect the ongoing efforts by Uzbekistan to strengthen its anti-money laundering and combating terrorist financing (AML/CFT) framework, which has been a key priority for the government in recent years.

“The FATF assessment highlights both progress and areas where improvement is needed,” said a senior government official. “We will continue to work closely with international partners to address any gaps and ensure that our AML/CFT framework meets the highest standards.”