Uzbekistan Country Summary

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.

Uzbekistan is grappling with significant challenges related to crime and corruption, despite recent governmental reforms aimed at addressing these issues. While the government has implemented anti-corruption legislation and established institutions like the Anti-Corruption Agency, widespread corruption persists, particularly within the judicial and law enforcement systems, hampering effective enforcement and transparency.

Uzbekistan is a rapidly evolving lower-middle-income economy in Central Asia, characterized by a growing domestic market of 37 million people and a wealth of natural resources. The government prioritizes foreign direct investment (FDI) as a key driver for achieving its development goals, including poverty eradication and transitioning to an upper-middle-income status by 2030. While substantial progress has been made since the liberalization reforms initiated in 2017—evidenced by a notable GDP growth of 6% and FDI inflows reaching over $7.2 billion in 2023—challenges remain, including the need for a more transparent business environment and the management of investment flows through selective incentives that can hinder overall reform efforts.