On 7 November 2017, the Ministry of Justice of Uzbekistan registered a resolution of the State Tax Committee, the State Customs Committee and the Central Bank “On amendments to the provision on the procedure for monitoring the justification of currency transactions by legal entities and individuals”.

The document stated that the Organization for Economic Co-operation and Development (OECD) Global Forum on Transparency and Information Sharing for Tax Purposes recognized Luxembourg as a state “largely meeting the requirements” of this organization in 2015.

Given this decision, Luxembourg was excluded from the list of states and territories, which provide preferential tax treatment and (or) do not provide disclosure and provision of information for financial transactions (offshore zones).

Commercial banks of Uzbekistan will no longer conduct monitoring of payments to settlement accounts of customers registered in Luxembourg, as well as to settlement accounts of non-residents in banks, located in that country for import of goods (works, services) under the contract.