The Legislative Chamber of the Oliy Majlis, the lower house of Uzbekistan's parliament, has taken a significant step towards bolstering the country's financial security by advancing a bill aimed at restricting individuals subject to economic sanctions from opening accounts in Uzbek banks. The bill, which passed its first reading during a meeting on February 13, underscores Uzbekistan's commitment to aligning its banking and financial systems with international standards while mitigating the risks associated with economic sanctions.
According to the explanatory note accompanying the bill, the proposed legislation seeks to address the growing risks posed by economic sanctions amid shifting geopolitical dynamics.
Deputy of the Central Bank of Uzbekistan, Abrorkhuja Turdaliev, underscored the importance of empowering the Central Bank to set requirements for managing risks associated with economic sanctions in credit and payment institutions. The proposed amendments to Article 61 of the Law "On the Central Bank" aim to enable the Central Bank to assess and minimize such risks effectively.
In developing the amendments, Uzbekistan's lawmakers have drawn insights from the experiences of countries like Latvia, the Czech Republic, Estonia, and Georgia, highlighting the government's commitment to adopting best practices in financial regulation and risk management.
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