Uzbekistan adopts Law “On Amendments and Additions to the Law of Uzbekistan

Provisions of the Law regulate the national AML/CFT regime in compliance with the current trends and international standards. Amendments the Law are designed to bring the national AML/CFT system of Uzbekistan into line with the FATF 40 + 9 Recommendations.

At the previous Plenary held in February 2008 FATF refrained from imposing sanctions against Uzbekistan, pointing out certain progress made by the country towards restoring a national AML/CFT regime. A notable role in supporting the country’s efforts along these lines is played by the EAG, which Uzbekistan is a member of. 

According to the EAG Acting Executive Secretary Igor Nebyvaev, adoption of the Law by Uzbekistan is meant to raise the overall effectiveness and flexibility of the national AML/CFT system and ensure better compliance with the FATF Recommendations. At the same time, the provisions of the Law create conditions for protecting the interests of business entities carrying out financial transactions. EAG is in turn prepared to continue providing Uzbekistan with the advisory and technical assistance it requires. 

To quote Igor Nebyvaev, “The Eurasian Group activities are aimed directly at ensuring the safety of the region’s residents by creating conditions for combating serious economic crimes and threats of terrorism, including at the cross-border level. Introduction of effective AML/CFT systems in EAG member states facilitates economic growth and sustainable development of the region. It is sure to result into higher investor appeal of economies in the Eurasian region thanks to a stronger financial system and improved image of the countries in the eyes of the international community.”