The resolution abolished “Regulation on operation of authorized banks with operations on deposits for bearer in had currency”.

The document was aimed at combating legalization of income, received from crime activity, and financing of tourism.

As earlier reported, Uzbekistan abolished circulation of securities to bearer in line with amendments and changes to the legislation of Uzbekistan.

The changes were introduced in line with the Law “On introduction of changes and amendments to several legislatives acts in connection with improvement of legislation on fighting legalization of income from crime activities and financing of terrorism”.

In line with the document, definitions of “banking saving book for bearer” and “securities to bearer” were excluded from corresponding articles of the Civil Code and the Law “On securities market”.

The law introduced changes and amendments to the Criminal Code, Administrative Code and Civil Code, as well as 10 laws.

In line with article 243 of the Criminal Code, legalization of criminal income and information hiding will be punished with jail tem from 5 years to 10 years.

Administrative Code was enlarged with article, which envisages fine at the size of 10 to 15 minimal salaries for non-submission or violation of terms of submission of information to authorized state bodies and illegal request to submit information or disclosure of information. The minimal salary is equal to 33,650 soums in Uzbekistan.

Laws “On Central Bank of Uzbekistan”, “On exchange and exchange activity”, “On banks and banking activity”, “On notaries”, “On the bar”, “On insurance activity”, “On banking secret”, “On electronic payments” and “On securities market” were expanded with additional norms, obliging to reveal and present corresponding information to special authorized bodies.