RESOLUTION OF BOARD OF CENTRAL BANK OF THE REPUBLIC OF UZBEKISTAN

of December 29, 2009 No. 39/1

About approval of the Regulations on the measures and sanctions applied by the Central bank of the Republic of Uzbekistan to commercial banks, microcredit institutions and pawnshops for violation of requirements of the legislation on counteraction of legalization of income gained from criminal activities, to financing of terrorism and financing of distribution of weapons of mass destruction

According to the laws of the Republic of Uzbekistan "About the Central bank of the Republic of Uzbekistan" (Sheets of Oliy Majlis of the Republic of Uzbekistan, 1995, No. 12, the Art. 247), "About banks and banking activity" (Sheets of Oliy Majlis of the Republic of Uzbekistan, 1996, Art. No. 5-6, 54) and "About counteraction of legalization of income gained to criminal activities, and terrorism financing" (2004, No. 43, the Art. 451) the Board of the Central bank of the Republic of Uzbekistan decides collection of the legislation of the Republic of Uzbekistan:

1. Approve Regulations on the measures and sanctions applied by the Central bank of the Republic of Uzbekistan to commercial banks, microcredit institutions and pawnshops for violation of requirements of the legislation on counteraction of legalization of income gained from criminal activities, to financing of terrorism and financing of distribution of weapons of mass destruction according to appendix.

2. This resolution becomes effective after ten days from the date of its state registration in the Ministry of Justice of the Republic of Uzbekistan.

Appendix

to the Resolution of Board of the Central bank of the Republic of Uzbekistan of December 29, 2009 No. 39/1

Regulations on the measures and sanctions applied by the Central bank of the Republic of Uzbekistan to commercial banks, microcredit institutions and pawnshops for violation of requirements of the legislation on counteraction of legalization of income gained from criminal activities, to financing of terrorism and financing of distribution of weapons of mass destruction

This Provision according to the laws of the Republic of Uzbekistan "About the Central bank of the Republic of Uzbekistan" (Sheets of Oliy Majlis of the Republic of Uzbekistan, 1995, No. 12, the Art. 247), "About banks and banking activity" (Sheets of Oliy Majlis of the Republic of Uzbekistan, 1996, Art. No. 5-6, 54), "About counteraction of legalization of income gained from criminal activities and to terrorism financing" (Sheets of Oliy Majlis of the Republic of Uzbekistan, 2004, No. 9, the Art. 160) determines the measures and sanctions applied by the Central bank of the Republic of Uzbekistan (further - the Central bank) in case of violation by commercial banks, microcredit institutions and pawnshops of the legislation on counteraction of legalization of income gained from criminal activities, to financing of terrorism and financing of distribution of weapons of mass destruction.

I. General provisions

1. Central Bank applies measures and sanctions against the commercial banks, microcredit institutions and pawnshops which allowed violations of the law about counteraction of legalization of income gained from criminal activities, to financing of terrorism and financing of distribution of weapons of mass destruction according to this Provision.

II. The measures and sanctions applied to commercial banks for violation of the law about counteraction of legalization of income gained from criminal activities, to financing of terrorism and financing of distribution of weapons of mass destruction

2. In case of failure to meet requirements of the legislation on counteraction of legalization of income gained from criminal activities to ifinansirovaniye of terrorism and financing of distribution of weapons of mass destruction the Central bank has the right:

send to commercial bank the corresponding instruction about elimination of the revealed shortcomings;

collect penalty at the rate to one percent of the minimum authorized capital of commercial bank.

3. Concerning the commercial bank which did not execute the instruction of the Central bank which roughly broke or it is systematic (two and more times a year) the violating requirement of the legislation on counteraction of legalization of income gained from criminal activities, to financing of terrorism and financing of distribution of weapons of mass destruction, the Central bank has the right:

demand replacement of the head of this commercial bank (branch), and also the head and responsibles of service of internal control;

impose ban on implementation by bank of the separate transactions provided in the license for banking operations and in the license for implementation of foreign currency transactions for up to one year;

take measures up to revocation of license on banking operations and licenses for carrying out foreign currency transactions.

III. The measures and sanctions applied to microcredit institutions and pawnshops for violation of the law about counteraction of legalization of income gained from criminal activities, to financing of terrorism and financing of distribution of weapons of mass destruction

4. In case of failure to meet requirements of the legislation on counteraction of legalization of income gained from criminal activities to financing of terrorism and financing of distribution of weapons of mass destruction the Central bank has the right:

send to microcredit institution and pawnshop the corresponding instruction about elimination of the revealed shortcomings;

collect penalty from microcredit institution at the rate to one percent of the minimum authorized fund established for microcredit institutions;

collect penalty from pawnshop in the amount to the 50-fold size of basic settlement size.

5. Concerning the microcredit institution and pawnshop which did not execute the instruction of the Central bank of the Republic of Uzbekistan, roughly broke or it is systematic (two and more times a year) the income violating requirements of the legislation on counteraction of legalization gained from criminal activities, to financing of terrorism and financing of distribution of weapons of mass destruction, the Central bank has the right:

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