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Republic of Uzbekistan

Republic of Uzbekistan

Legal system

The legal system of the Republic of Uzbekistan is based on the Roman-Germanic Law System. The Constitution of Uzbekistan was adopted on December 8, 1992.

According to the Constitution, the system of state power of the Republic of Uzbekistan is based on the principle of separation of powers into legislative, executive and judicial ones.

The highest state representative body is the Oliy Majlis, which exercises legislative power. It consists of two chambers – the Legislative Chamber and the Senate. 

The executive power is exercised by the Cabinet of Ministers of the Republic of Uzbekistan.

Presidential and parliamentary elections are held once every five years. There are five political parties in the country.

Economy and financial sector

In 2019, GDP of Uzbekistan made up 511,838.1 billion soms (57,9 bln USD) with GDP growth of 5,6%. GDP per capita in 2019 made up 15,242.0 thousand soms (1,724.4 USD).

The export structure is formed by gold (28.2%), services (19.7%), energy and oil products (14.5%), textile and textile products (9.3%), food products (8.8%), ferrous and nonferrous metals (7.2%), chemical products (5.0%), machinery and equipment (2.4%).

The organizations conducting transactions with cash or other property are banks and other credit organizations; professional participants of the securities market; exchange members; insurers and insurance intermediaries; organizations rendering leasing services; organizations conducting money transfers, payments and settlements; pawnshops; organizations conducting lotteries and other games based on risk; persons performing operations with precious metals and precious stones; persons rendering services and participating in operations related to purchase and sale of real estate; notary offices (notaries), law firms (lawyers) and auditing organizations – when preparing and executing transactions on behalf of clients.

The traditional two-tier banking system headed by the Central Bank of the Republic has been introduced in Uzbekistan.

The Central Bank is a regulator of the banking system and does not provide financial services, except for servicing some ministries and agencies, as well as its subsidiaries.

Commercial banks are divided into public, private and foreign capital banks.

Financial Intelligence Unit

In April 2006, national financial intelligence unit (FIU) was established by transforming the Department for Combating Tax and Currency Crimes under the General Prosecutor's Office of Uzbekistan into the Department for Combating Tax and Currency Crimes and Legalization of Criminal Proceeds under the General Prosecutor's Office of the Republic of Uzbekistan. Since 2018 – the Department on Combating Economic Crimes under the General Prosecutor's Office of the Republic of Uzbekistan. 

The FIU of Uzbekistan belongs to the law enforcement type, as in addition to the financial information analysis tasks it is empowered to carry out investigative activities, pre-investigation and inquiry on economic and corruption crimes.

The head of delegation of the Republic of Uzbekistan to the EAG is the Deputy Prosecutor General - Head of the Department for Combating Economic Crimes Mr. Jakhongir Khatamov.

Agencies involved in the AML/CFT system

Law enforcement agencies of Uzbekistan involved in AML/CFT carry out prevention, detection, suppression, and investigation of AML/CFT-related crimes.

Functions in this area, in addition to the Department under the General Prosecutor's Office, are endowed to:

Legal framework

National legislation database of the Republic of Uzbekistan.

International cooperation

Uzbekistan is a EAG member state. Moreover, Uzbekistan cooperates with relevant departments of the UN, OSCE, SCO, CIS, European Union, World Bank, IMF, EBRD, ADB and other international organizations in the AML/CFT sphere.