Regulatory Alerts2004-08-26 | 660-IIAdded · Updated
Law of the Republic of Uzbekistan on Combating the Legalization (Laundering) of Income Obtained from Criminal Activities, Financing of Terrorism and Financing of Proliferation of Weapons of Mass Destruction
The Law establishes the legal framework for regulating relations in the field of combating money laundering, terrorism financing, and financing of weapons of mass proliferation. It mandates that entities conducting financial operations implement internal control, customer due diligence, and risk assessment measures at least annually. The designated special authorized state body exercises oversight, coordinates activities among participating agencies, maintains lists of persons involved in terrorism or proliferation, and has the authority to suspend relevant financial operations for up to thirty working days when sufficient grounds exist.