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Uzbekistan Makes Strides in Combating Money Laundering and Terrorist Financing
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Tashkent, Uzbekistan - In a major effort to combat money laundering (ML) and terrorist financing (TF), the Republic of Uzbekistan has made significant progress in assessing ML/TF risks and implementing measures to mitigate them.
National Risk Assessment
According to a recent report, Uzbekistan conducted a National Risk Assessment (NRA) in 2019, which was coordinated by the Financial Intelligence Unit (FIU). The report found that while there are some shortcomings in the ML/TF risk analysis, the competent authorities have demonstrated a good understanding of national ML/TF risks and have developed effective approaches to assessing them.
Identified Risks
Self-laundering
Third-party ML
Professional ML
Response Measures
In response to the identified risks, Uzbekistan has developed a list of response measures aimed at mitigating these risks, with the highest priority given to adopting the National AML/CFT/CPF Strategy and combating corruption.
Prioritized Measures
- Adopting National AML/CFT/CPF Strategy
- Combating Corruption
Interagency Cooperation
The report also highlighted the importance of interagency cooperation in combating ML/TF. The Interagency AML/CFT/CPF Commission (IAC) plays a key role in coordinating efforts among government agencies, financial institutions, and other stakeholders.
Key Role of IAC
- Coordinating efforts among government agencies, financial institutions, and other stakeholders
National Financial Intelligence Unit
Uzbekistan has also established a Department on Combating Economic Crime under the General Prosecutor’s Office, which serves as the national financial intelligence unit. This department collects and analyzes suspicious transaction reports (STRs) and other information received from financial institutions and DNFBPs.
Key Responsibilities
- Collecting and analyzing suspicious transaction reports (STRs)
- Analyzing other information received from financial institutions and DNFBPs
Conclusion
In conclusion, Uzbekistan’s efforts to combat ML/TF demonstrate a commitment to transparency and cooperation. The country’s authorities have taken important steps to assess ML/TF risks and develop effective measures to mitigate them.
Key Highlights:
Uzbekistan conducted a National Risk Assessment (NRA) in 2019, which identified several ML/TF risks.
The NRA found that while there are some shortcomings in the ML/TF risk analysis, competent authorities have demonstrated good understanding of national ML/TF risks.
Response measures aimed at mitigating ML/TF risks have been developed, with highest priority given to adopting National AML/CFT/CPF Strategy and combating corruption.
Interagency cooperation is crucial for combating ML/TF, with the Interagency AML/CFT/CPF Commission playing a key role.
The Department on Combating Economic Crime under the General Prosecutor’s Office serves as the national financial intelligence unit.
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