Uzbek delegation attends FATF meeting

Photo: Uzbek delegation attends FATF meeting / Business News

Tashkent, Uzbekistan, Feb. 25

By Demir Azizov- Trend:

Representatives of the Department for Combating Tax, Currency Crimes and Money Laundering under Uzbekistan's Prosecutor-General's Office and the republics Central Bank participated in the plenary meeting of Financial Action Task Force (FATF), the group for working out financial measures for combating money laundering held in Paris, Jahon news agency under Uzbek Foreign Ministry said on Feb.25.

During the plenary week in Paris, there were held meetings of the organization's working groups in which the issues of international cooperation, and implementation of new FATF recommendations in the countries' legislation were discussed.

The integration to the global economy is related to the improvement of the national system of fighting against money laundering and financing of terrorism in accordance to international standards. In this connection, Uzbekistan has adopted a law "On fighting legalization of proceeds from criminal activity and terrorism financing" that entered into force in 2006.

Uzbekistan became a member of the Eurasian Group on Combating Money Laundering and the Financing of Terrorism in 2005.

Currently, a modern system for eradicating these negative factors has been established and operates in Uzbekistan, the work on the effective implementation of the new international standards is carried out, and close cooperation has been established in this area both with the competent authorities of foreign states and international specialized organizations.

FATF was established in 1989 as an intergovernmental organization for the development of international standards in the sphere of combating money laundering and terrorism financing.

Translated by L.Z.

Edited by C.N.

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Tags: FATF