Financial Crime World

Uzbekistan Makes Significant Progress in Addressing Technical Compliance Deficiencies

Introduction

Uzbekistan has demonstrated considerable progress in addressing technical compliance (TC) deficiencies identified in a Mutual Evaluation Report (MER). This improvement has led to an upgrade in ratings for several Financial Action Task Force (FATF) Recommendations.

Key Progress and Upgrades

  • Progress in Addressing TC Deficiencies: Uzbekistan has made significant strides in addressing the TC deficiencies identified in the MER.
  • Upgraded FATF Ratings: The country’s ratings have been upgraded for several FATF Recommendations, including:
    • R. 6: Enhanced customer due diligence
    • R. 7: Targeted financial sanctions related to terrorism and terrorist financing
    • R. 22: Cash couriers and cash-based transactions
  • Measures to Address Deficiencies: Uzbekistan has taken measures to address deficiencies identified during the 2nd round of the MER, but these measures are not considered sufficient to revise the rating on:
    • R. 18: Money laundering

Strengthening AML/CFT/PF Tools

  • The country has undertaken work to strengthen its current AML/CFT/PF tools in relation to several FATF Recommendations with “C” ratings, including:
    • R. 20: Transnational cooperation
    • R. 29: International cooperation

Enhanced Follow-up to Regular Reporting

Considering the progress of Uzbekistan, it has been transferred from enhanced follow-up to regular reporting on further improvement of its national AML/CFT/PF system.

While the text does not provide specific information about what these upgrades entail or how they will be implemented, it suggests that Uzbekistan has made significant strides in improving its anti-money laundering and combating the financing of terrorism (AML/CFT) framework.