Uzbekistan Commits to Beneficial Ownership Transparency, Progresses on Reforms

In a significant move towards greater financial transparency, Uzbekistan has made a commitment to disclose beneficial ownership information as part of its agreement with the International Monetary Fund’s Rapid Financing Instrument. This commitment was announced in May 2020.

The Importance of Beneficial Ownership Transparency

The country’s decision to implement beneficial ownership transparency reforms is a crucial step towards tackling corruption and money laundering. By disclosing the true owners of companies, governments can better track the flow of funds and prevent illicit activities.

Benefits of Beneficial Ownership Transparency

• Improved tracking of funds
• Prevention of illicit activities (corruption, money laundering)
• Increased transparency and accountability in the financial sector

Uzbekistan’s Progress on Reforms

Uzbekistan has made significant progress on its commitment, with implementation details still being finalized. The country’s government is working to establish a system for collecting and publishing beneficial ownership information.

Implementation Progress

• Collection of beneficial ownership information: still in progress
• Publishing of beneficial ownership information: still in progress

Global Support for Beneficial Ownership Transparency

The Open Ownership initiative, a global effort to promote beneficial ownership transparency, tracks countries’ commitments and progress towards implementing these reforms. According to the initiative’s data, Uzbekistan has made significant strides towards implementing its commitment.

Global Initiative

• The Open Ownership initiative promotes beneficial ownership transparency worldwide
• Tracks countries’ commitments and progress

Experts’ Assessment of Uzbekistan’s Commitment

Experts say that Uzbekistan’s commitment to beneficial ownership transparency is an important step forward for the country’s financial sector, and will help to promote a more stable and trustworthy business environment. The move is also seen as a key indicator of the government’s commitment to combating corruption and money laundering.

Expert Quotes

• “Uzbekistan’s commitment to beneficial ownership transparency is a significant step towards creating a more transparent and accountable financial sector.”
• “This move will help promote a more stable and trustworthy business environment in Uzbekistan.”

Additional Information

For more information on Uzbekistan’s commitment to beneficial ownership transparency, please visit the Open Ownership website.