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Uzbekistan’s Financial Crime Definition Under Fire Amid Corruption Concerns

A recent investigation into one of Uzbekistan’s largest infrastructure projects, Tashkent City, has shed light on widespread corruption and financial irregularities. The $1.3 billion project, led by companies associated with Akfa Group owned by Tashkent mayor Jahongir Artikhodjaev, has been marred by allegations of suspicious award tendering and fraud charges against a Kazakh businessman.

Investigation Findings

Professor Kristian Lasslett of the Corruption and Human Rights Initiative (CHRI) conducted an investigation into the project, which found that Artikhodjaev’s company had benefited from his position as mayor. While Artikhodjaev claimed to have disassociated himself from managing the company, Lasslett argued that this was irrelevant, stating:

“If it was discovered [Artikhodjaev] employed his position in government to curry favour for a firm in which he has a beneficial stake, this would be corruption by any definition.”

Credit Rating Upgrade

Just four days after the investigation’s publication, Uzbekistan’s Finance Ministry announced an upgrade of the country’s credit rating from 6 to 5, citing improved credit risks. However, experts have questioned the validity of this assessment given the stark evidence of financial irregularities in the Tashkent City project.

Beneficial Ownership Concerns

Laziz Kudratov, Uzbek deputy chair of the State Committee for Investments, rejected calls for public disclosure of beneficial owners of companies investing in Uzbekistan, stating that foreign investors are not required to provide additional information about their founders. However, Richard Messick, a leading expert on anti-corruption, highlighted Uzbekistan’s own law requiring rigorous checks on beneficial owners of companies entering its markets.

Misleading Statements

The statements made by officials at the press conference were deemed misleading and contradictory to Uzbekistan’s national laws and international commitments. The CHRI has expressed concerns that assets frozen in various jurisdictions and potentially returned to the government could be diverted towards patronage systems, rather than being used for their intended purpose.

Call to Action

In light of these findings, it is imperative that Uzbekistan:

• Condemns contracting companies with obscure beneficial ownership
• Implements sound anti-money laundering and anti-corruption policies
• Only then can the repatriation of assets, such as those frozen in connection with Gulnara Karimova, be guaranteed a safe disbursement.