Uzbekistan Steps Up Fight Against Money Laundering and Terrorism Financing
Strengthening Anti-Money Laundering (AML), Combating the Financing of Terrorism (CFT) and Proliferation of Weapons of Mass Destruction (FRMU)
Tashkent, Uzbekistan - The Republic of Uzbekistan has taken significant steps to strengthen its AML/CFT/FRMU system by collaborating with foreign authorities and international organizations. The country’s Ministry of Internal Affairs, Prosecutor General’s Office, and State Committee for Industrial Safety have worked together to improve the national system.
Internal AML/CFT/FRMU Control
The Uzbek government has introduced internal control rules for organizations engaged in transactions with cash or other property. These rules require organizations to:
- Identify suspicious transactions and report them to the relevant authorities
- Verify participants and beneficial owners against a list maintained by the authorities
- Monitor customers’ database regularly to identify any changes or updates
- Suspicious transactions may result in suspension of operations and freezing of funds or property
Monitoring Currency Transactions
Commercial banks submit information on currency transactions conducted by clients with characteristics that may indicate money laundering or terrorist financing. The State Tax Service monitors this information and has the right to request additional information from commercial banks and customs authorities.
Further Development of the AML/CFT/FRMU System
The Uzbek government has approved a strategy for developing its national AML/CFT/FRMU system, which aims to bring it in line with international standards. The strategy prioritizes:
- Minimizing risks
- Improving the effectiveness of state bodies
- Strengthening cooperation with international organizations
Outcomes Expected
The implementation of the strategy is expected to ensure that Uzbekistan meets international standards for combating money laundering, terrorist financing, and proliferation of weapons of mass destruction. It will also improve the country’s ratings and indices in international assessments.
“We are committed to ensuring the stability and security of our financial sector,” said a spokesperson for the Ministry of Internal Affairs. “Our efforts to strengthen our AML/CFT/FRMU system demonstrate our commitment to combating money laundering, terrorist financing, and proliferation of weapons of mass destruction.”
Contact
For more information, please contact:
Ministry of Internal Affairs Republic of Uzbekistan