Tashkent, Uzbekistan (UzDaily.com) -- Currently, there are cases of illegal transfer or withdrawal of funds from bank accounts of business entities, as well as untimely return of overly collected funds, while the current legislation does not clearly establish liability for such cases.

Taking into account such factors, at the fortieth plenary session of the Senate, the Law “On amendments and amendments to certain legislative acts of the Republic of Uzbekistan aimed at ensuring the inviolability of funds in the bank accounts of entrepreneurs” was considered.

It was noted that the Law establishes measures of administrative and criminal liability for illegal transfer or withdrawal of funds from the bank accounts of business entities or untimely return of excessively collected funds.

In particular, the Law includes an additional article to the Code of Administrative Responsibility, which provides for the imposition of a fine on the perpetrator in the amount of 20 to 40 sizes basic estimated value for illegal transfer or withdrawal of funds from the bank accounts of business entities without their consent or untimely return of excessively collected funds.

The law also supplements the Criminal Code with an article for illegal transfer or withdrawal of funds of business entities or their untimely return. So, if such actions are committed even after the application of an administrative penalty, a fine in the amount of 200 to 300 sizes basic estimated value is imposed, a punishment in the form of imprisonment for up to 7 years, depending on the category of the crime committed.

The adoption of the Law serves to strengthen legal measures to protect the legitimate interests of business entities and increase the effectiveness of protecting the inviolability of their property rights.

The law was approved by the senators.