Uzbekistan to Forge New Laws Against Money Laundering, Insider Trading, and Tax Evasion
Strengthening Anti-Corruption Measures: New Legislative Initiatives in Uzbekistan
In a decisive move to bolster the fight against corruption, President Shavkat Mirziyoyev has directed the development of three crucial draft laws by the end of May. This initiative comes in response to discussions held during an expanded meeting of the National Anti-Corruption Council in March, where the president outlined his commitment to creating a transparent and accountable governance framework.
One of the cornerstone pieces of legislation being proposed is the bill titled "On the Declaration of Income and Assets of Public Officials." This law aims to establish clear protocols for public officials to submit declarations of their income and assets, alongside robust mechanisms for verifying the accuracy of these declarations. This move is expected to significantly enhance transparency within government institutions.
In alignment with international standards, the legislation will also tackle the issue of money laundering by clarifying the liabilities associated with the legalization of criminal proceeds. New provisions are set to include stringent sanctions for insider trading and market manipulation within the securities sector, thereby creating a more secure environment for economic activities.
Furthermore, candidates aspiring to hold ministerial or regional governorship positions will be mandated to present and defend specific anti-corruption programs for their respective sectors before the Oliy Majlis, aiming to ensure accountability from the outset of their tenures.
Another draft law, scheduled for completion by the end of June, will focus on delineating various corruption-related crimes while reinforcing penalties for such offenses. This legislation will also introduce protections and incentives for whistleblowers who report corruption, encouraging greater civic participation in combating dishonest practices.
The third proposed legislative measure aims to refine tax oversight at the local, or mahalla, and enterprise levels. It intends to establish immediate responses to tax violations, whereby a first offense will trigger a warning, and any subsequent violations within three days will lead to a formal tax inspection.
Additional reforms suggested include the establishment of a unified registry for public servants and the implementation of a transparent hiring system rooted in merit and experience. This will feature digital assessments to evaluate qualifications and performance, contributing to a more rigorous recruitment process in public service.
These initiatives indicate a significant step forward in Uzbekistan’s ongoing efforts to eradicate corruption and promote integrity within governance, aiming to pave the way for a more transparent and accountable future.
