Interfax
October 24

Uzbekistan put into force a law on the monitoring of personal and corporate foreign currency transactions on Tuesday.

The law purports to be based on international conventions on the prevention of transnational organized crime and the financing of terrorism.

It orders banks to report to the State Tax Committee any transactions by their clients that has a suspected criminal or terrorist connection. The law applies to contracts making provision for payments for imports to foreign companies registered in offshore zones, and is supplemented with a list of 47 states and territories.

The law also applies if the money's recipient is not a party to such a contract or if the contract makes provision for an advance payment to a foreign company that exceeds 30% of the total contracted payment, or exceeds $100,000.

It sets out reasons for which a territorial customs agency must report an export or import contract to a higher customs authority and the tax service.

On October 15, Uzbekistan subscribed to Article VIII of the Articles of Agreement of the International Monetary Fund, and made its currency convertible for current payments. Earlier, the country substituted monitoring for restrictions on foreign trade and the purchase of foreign currency by individuals.

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