Tashkent International Financial Center to impose fines of up to $10 million for violations

The law establishes the TIFC as a special territory operating under its own legal regime within the boundaries approved by a presidential decree. It also regulates legal relations connected with the center’s activities.

English has been designated as the official language of the financial center.

The TIFC's governing structure will consist of the TIFC Council, chaired by the president, the TIFC Administration, the Financial Services Authority, and the Tashkent International Commercial Court.

Under the law, each of these bodies must publish an annual transparency report by the end of April following the reporting year. In addition, all decisions adopted by the financial center will take effect only after they have been published in the official register.

The legislation also introduces penalties for participants engaged in commercial or financial activities that violate the law or the center’s regulations. Offenders may be fined up to $10 million or 10% of the value of the transactions that gave rise to the violation.

The law will enter into force 10 days after its official publication.

Saida Mirziyoyeva, head of the Presidential Administration, announced the signing of the constitutional law on July 10. She described its adoption as one of the country's most significant economic developments this year and the result of nearly a decade of efforts to improve Uzbekistan's investment environment.

She said the law represents "an investment in the world's most valuable market asset – trust," adding that transparent rules and strong legal protection for capital would help position Tashkent as a full-fledged participant in the global financial system and a driver of economic growth across the region.

Work on establishing the TIFC began in March, when President Mirziyoyev signed a decree creating the financial center within the Tashkent City business district. On June 2, the Legislative Chamber of the Oliy Majlis approved, in the second and third readings, draft laws on the TIFC and the Enterprise Uzbekistan International Digital Technology Centre.

The TIFC bill was subsequently revised by a conciliation commission after the Senate raised comments concerning the powers of the international commercial court, qualification requirements for judges, and the regulation of the centre's special legal regime. The Senate approved the revised law on July 9.