FATF status

Uzbekistan is not on the FATF List of Countries that have been identified as having strategic AML deficiencies

Compliance with FATF Recommendations

The last Follow-up Mutual Evaluation Report relating to the implementation of anti-money laundering and counter-terrorist financing standards in Uzbekistan was undertaken in 2023. According to that Evaluation, Uzbekistan was deemed Compliant for 8 and Largely Compliant for 26 of the FATF 40 Recommendations. It remains Highly effective for 0 and Substantially Effective for 6 with regard to the 11 areas of Effectiveness of its AML/CFT Regime.

Since President Mirziyoyev's reform policy began in 2017, Uzbekistan has made efforts to combat corruption through legislative measures and the establishment of the Anti-Corruption Agency in 2020. Despite these initiatives, including the introduction of asset declaration requirements and a new public procurement law, enforcement remains weak, and corruption continues to be a significant issue, impacting foreign investment and public trust. The country's ranking in Transparency International's Corruption Perceptions Index has improved, yet challenges persist due to insufficient law enforcement and ongoing high-profile corruption cases involving government officials.

Uzbekistan is a rapidly developing lower-middle income economy with a focus on attracting foreign direct investment to achieve its ambitious development goals, including poverty eradication and transitioning to an upper middle-income status by 2030. The country has a large domestic market of 37 million people, abundant natural resources, and a relatively developed infrastructure, which positions it as a potential economic leader in the region. In 2023, Uzbekistan's economy experienced a 6 percent GDP growth and attracted over $7.2 billion in foreign direct investments, nearly double the amount from the previous year.

Uzbekistan's investment climate is evolving positively, with the government actively promoting foreign direct investment (FDI) as a key component of its economic strategy. In 2023, the country attracted over $7.2 billion in FDI, nearly double the amount from the previous year, driven by ongoing reforms and a focus on sectors like energy and manufacturing. However, challenges remain, including a selective support system for investments and the need for greater transparency and protection of investor rights.