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Uzbekistan Fails to Meet International Standards on Anti-Money Laundering and Terrorist Financing, FATF Report Reveals

Assessment Highlights Significant Shortcomings in Uzbekistan’s Efforts to Combat Money Laundering and Terrorist Financing

A recent report by the Financial Action Task Force (FATF) has highlighted significant shortcomings in Uzbekistan’s efforts to combat money laundering and terrorist financing. The assessment, which was conducted as part of the country’s mutual evaluation process, found that Uzbekistan falls short on a number of key requirements.

FATF Ratings Reveal Poor Performance in Several Areas

According to the FATF ratings, which reflect the extent to which countries have implemented the technical requirements of the FATF Recommendations, Uzbekistan scored poorly in several areas. Specifically:

  • The country was found to be “partially compliant” (PC) in only five out of 40 areas assessed:
    • Targeted financial sanctions related to terrorism and terrorist financing (R.6)
    • Targeted financial sanctions related to proliferation (R.7)
    • Transparency and beneficial ownership of legal persons (R.25)
    • Regulation and supervision of DNFBPs (R.28)
    • International instruments (R.36)

Uzbekistan Receives Mixed Ratings in Other Areas

Uzbekistan also received “largely compliant” (LC) ratings in several areas, including:

  • Assessing risk and applying a risk-based approach (R.1)
  • National cooperation and coordination (R.2)
  • Money laundering offence (R.3)
  • Confiscation and provisional measures (R.4)
  • Terrorist financing offence (R.5)
    • Customer due diligence (R.10)
    • Record keeping (R.11)
    • Correspondent banking (R.13)
    • Money or value transfer services (R.14)
    • New technologies (R.15)
    • Wire transfers (R.16)
    • Reliance on third parties (R.17)
    • Internal controls and foreign branches and subsidiaries (R.18)
    • Higher-risk countries (R.19)
    • Reporting of suspicious transactions (R.20)
    • Tipping-off and confidentiality (R.21)
    • DNFBPs: customer due diligence (R.22)
    • DNFBPs: other measures (R.23)
    • Transparency and beneficial ownership of legal arrangements (R.25)
    • Regulation and supervision of financial institutions (R.26)
    • Powers of supervisors (R.27)
    • Financial intelligence units (R.29)
    • Responsibilities of law enforcement and investigative authorities (R.30)
    • Powers of law enforcement and investigative authorities (R.31)
    • Cash couriers (R.32)
    • Statistics (R.33)
    • Guidance and feedback (R.34)
    • Sanctions (R.35)
    • Other forms of international cooperation (R.40)

Key Concerns Highlighted by the FATF Report

The FATF report highlights several key concerns, including:

  • The need for Uzbekistan to improve its legal framework for combating money laundering and terrorist financing
  • Enhance its law enforcement and investigative capabilities
  • Strengthen its international cooperation

Uzbekistan Commits to Addressing Shortfalls and Implementing Recommendations

Uzbekistan has committed to addressing these shortfalls and implementing recommendations outlined in the report. The country will undergo a follow-up assessment in two years to evaluate its progress.