Tashkent, Uzbekistan (UzDaily.com) -- Uzbekistan has expanded the list of offshore zones. Corresponding changes were made to the Regulation on the procedure for monitoring the validity of the conduct of foreign exchange transactions by legal entities and individuals. 

American Samoa, Aruba, Guatemala, Dominica, Kiribati, Monaco, Alderney Channel Island, Pitcairn, San Marino, Saint Martin (Sint Maarten), Uruguay and the Philippines were included to the list of offshore zones, foreign exchange transactions with which are subject to monitoring.

The document clarified the tax authorities, which receive information from the branches of banks and territorial departments of customs authorities, - territorial state tax departments and the Interregional State Tax Inspectorate for Large Taxpayers.

According to the document, banks must report if during a calendar year the amount of transfer of a resident individual abroad to the accounts of individuals exceeds 100 million soums (previously - equivalent to US$10,000).

Now the customs authorities must report on the revealed facts of unreasonable overstatement and understatement of the invoice value of goods, both during their import and export.

According to Norma.uz, the document introduced a new monitoring mechanism. When studying the information received, tax authorities rely on information from electronic information databases and other information available to them. If violations of the procedure for conducting foreign exchange transactions are detected, a request is sent to an economic entity:

in electronic form to the taxpayer's personal account - it is considered received after reading, but not later than 3 days from the date of departure;

by registered mail, if the subject does not have a personal account, it is considered received 5 days after it was sent.

The requested documents and information must be submitted to the tax authority within 5 working days after receiving the request. In some cases, additional information is requested from banks and customs.

In the course of monitoring, measures of legal influence are not applied, the activities of the economic entity are not suspended. If monitoring confirms the fact:

committing an offense - the tax office takes measures within its powers or transfers materials to law enforcement agencies;

money laundering, terrorist financing or proliferation of weapons of mass destruction - the tax authorities shall notify the Department for Combating Economic Crimes under the General Prosecutor's Office within 3 days.