Tashkent, Uzbekistan (UzDaily.com) -- At the sixteenth plenary meeting of the upper house of parliament, the Law of the Republic of Uzbekistan “On amendments and additions to some legislative acts of the Republic of Uzbekistan” was discussed.

It was noted that the purpose of the Law is to implement the FATF recommendations into legislation in preparation for the successful second stage of the assessment of the national system of Uzbekistan by the Eurasian Group for Combating Money Laundering and Terrorist Financing.

The law introduces amendments and additions to 2 laws in force.

First, by amending the Law "On Bank Secrecy", the procedure for providing information constituting bank secrecy is established to the prosecutor’s office, preliminary investigation, inquiry and bodies carrying out operational-search activities, with the approval of the prosecutor in order to ensure the establishment, inventory and confiscation property obtained by criminal means.

It is worth noting that due to the presence of legal gaps in the legislation in this area, the expert appraisers of the Eurasian Group on Combating Money Laundering and the Financing of Terrorism gave an initial assessment of the partial compliance of national legislation with 6 out of 40 FATF recommendations. It is also indicated that Uzbekistan does not fully comply with the requirements of the UN conventions. It is also indicated that Uzbekistan does not fully comply with the requirements of the UN conventions.

In addition, by amending the Law "On Bank Secrecy", it is envisaged to obtain information on the availability of bank accounts from the information database of the Central Bank of the Republic of Uzbekistan within the framework of a preliminary investigation and a criminal case.

At the same time, the procedure is established for the exchange of information constituting bank secrecy between the prosecutor’s office, preliminary investigation, inquiry and the bodies carrying out operational-search activities, as well as the competent authorities of foreign states.

Secondly, by amending the Law "On Operational-Investigative Activities", the procedure is established for the use of information constituting bank secrets with the approval of the prosecutor by 6 bodies carrying out operational-search activities.

In particular, it is established that information constituting a bank secret shall be submitted with the sanction of a prosecutor:

firstly, to the bodies of the prosecutor’s office, preliminary investigation and inquiry on the criminal cases in their proceedings in order to establish the circumstances relevant to the case, to ensure the recovery of the damage caused or the seizure of property upon a reasoned decision of the investigator or interrogator;

secondly, to the bodies carrying out operational-search activities, in the cases of operational-search proceedings in their proceedings in order to carry out the tasks assigned to them on the basis of a reasoned resolution approved by the head of the body carrying out operational-search activities.

The adoption of the Law contributes to:

- implementation of the requirements of UN conventions and FATV recommendations into national legislation;

- ensuring the successful completion of the second stage of the assessment of the national system of Uzbekistan by the Eurasian Group on Combating Money Laundering and Financing of Terrorism;

- increasing the investment attractiveness of the republic and improving its position in international ratings.

This Law has been approved by the Senators.