A number of banks in Uzbekistan have published statements in support of the measures taken by the Central Bank of the country to block international transfers through payment systems starting from September 5th, several Uzbek news sources reports.
This decision is grounded and aimed at protecting Uzbekistan's financial system and market from risks in international trade and the financial system, according to bankers.
The statement lists three main reasons why banks support the decision to block international transfers:
- Payment organizations must obtain a license to provide financial services issued by the financial regulator of the country with which they operate.
- Uzbek banks must comply with the requirements set by the Central Bank when obtaining a license to engage in foreign economic activity. The inability to fully identify beneficiaries from foreign countries in accordance with the requirements of anti-money laundering legislation, counter-terrorism financing, and the financing of the proliferation of weapons of mass destruction poses a risk to Uzbekistan's financial system.
- The ongoing monitoring of sanction lists created by major international financial organizations and changes to them, as well as compliance with requirements related to limiting financial transactions involving legal and natural persons subject to sanctions, require extensive financial, technological, and personnel resources. The inability of payment organizations to meet these requirements raises concerns about Uzbekistan's banking and financial system.
CentralasianLIGHT.org
September 6, 2023