Uzbekistan removes Panama from offshore monitoring list

Uzbekistan has updated its list of offshore jurisdictions subject to heightened foreign-exchange monitoring, with Panama no longer included among the countries requiring enhanced oversight of transactions.

Photo: relofirm.com

The amendment was introduced to the Regulation on the procedure for monitoring the legitimacy of foreign-exchange operations carried out by legal entities and individuals.

The changes were approved through a joint resolution of the Tax Committee, the Ministry of Economy and Finance, and the Central Bank. The document was coordinated with the Department for Combating Economic Crimes under the Prosecutor General’s Office and the Chamber of Commerce and Industry.

The revised list currently includes 68 jurisdictions that offer preferential tax regimes and / or do not require disclosure or provision of information when conducting financial transactions.