The joint resolution of the State Tax Committee, State Tax Committee and Central Bank of Uzbekistan was registered by the Ministry of Justice.

The regulation will determine order of monitoring of hard currency operations of legal entities and individuals and revealing unjustified transfer of money to abroad. The regulation was adopted in line with the UN Convention against trans-national organized crime, International convention on fighting with terrorism financing, legislations of Uzbekistan.

The resolution said that branches of the authorized banks will provide information on hard currency transactions of their clients to the state tax bodies, if they correspond to one of these criteria:

- The money was transferred in line with the agreement on import of goods or services to non-resident, which registered in states or territories, providing preferential tax regime or not disclosing information on financial operations (offshore zones), as well as transactions to accounts of non-residents in offshore zones.

- The payments made to non-residents in line with the agreements, which do not envisage fines for non-execution of the agreement liabilities, its terms or payments.

- The payments made to non-residents for sold shares in the charter capitals of legal entities – residents of Uzbekistan and real estate, located in Uzbekistan.

- The payments made in line with import contracts to carry out works or render services, royalty, as well as transactions to foreign founders as payment of dividends or repatriation of income.

- The payments made on credit (loan) agreement to non-residents (except credits (loans), issued by international financial institutions and foreign banks).

- The payments made by individuals – residents of Uzbekistan to the accounts of individuals abroad if the sum of the transaction exceeds US$10,000 per quarter.

- The payment made from accounts of foreign legal entities to accounts of individuals – residents of Uzbekistan.

The list of states and territories, providing preferential tax regime or not disclosing information on financial transactions (offshore zones), includes 46 states and territories.

The list include such countries and territories as Andorra, Antigua and Barbuda, Bahamas, Barbados, Bahrain, Belize, the State of Brunei Darussalam, the Republic of Vanuatu, Anguilla, Bermuda, British Virgin Islands, Montserrat, Gibraltar, British Indian Ocean Territory (Chagos Islands), Cayman Islands (Cayman Islands), Grenada, Ireland (Dublin, Shannon), Cyprus, Hong Kong, Macao, the Republic of Costa Rica, Cook Islands (New Zealand), Liechtenstein, Luxembourg, Malta, and others.

The branches of the authorized bank should also provide information to tax bodies on accounts receivables on foreign trade contracts of their contacts.

The tax bodies will analyse information provided by banks and tax committee to reveal violations of existing hard currency operations. If they reveal violation, they submit application to the Republican Council on coordination of activities of the state bodies and their territorial commission to receive permission for inspection of the legal entities, which conducted the operation. If the state bodies reveal violations, they hand over materials of investigation to law enforcement bodies to undertake necessary measures in line with the legislation of Uzbekistan.

If the tax bodies reveal cases related to legislation of criminal income and financing of terrorism, the cases will be handed over to the Department on fighting tax, currency crimes and legalization of criminal income.

The officials of the banks, state customs and tax services are responsible for execution of the regulation, disclosure of commercial or banking secrets in line with the legislation of Uzbekistan.