THE RESOLUTION OF THE MINISTRY OF FINANCE OF THE REPUBLIC OF UZBEKISTAN AND DEPARTMENT ON FIGHT AGAINST TAX, CURRENCY OFFENCES AND LEGALIZATION OF THE CRIMINAL INCOME UNDER THE PROSECUTOR GENERAL'S OFFICE OF THE REPUBLIC OF UZBEKISTAN

of April 13, 2015 No. No. 30, 11

About modification and amendments in Rules of internal control on counteraction of legalization of income gained from criminal activities and financing of terrorism for auditing organizations

According to the Law of the Republic of Uzbekistan "About counteraction of legalization of the income received from criminal activities and to terrorism financing" the Ministry of Finance and Department on fight against tax, currency offenses and legalization of the criminal income under the Prosecutor General's Office of the Republic of Uzbekistan decide:

1. Make changes and additions to Rules of internal control on counteraction of legalization of income gained from criminal activities and financing of terrorism for auditing organizations, the Ministries of Finance approved by the resolution and Department on fight against tax, currency offenses and legalization of the criminal income under the Prosecutor General's Office of the Republic of Uzbekistan from October 13, 2009 No. No. 102, 42 (рег. No. 2035 of November 3, 2009) (Collection of the legislation of the Republic of Uzbekistan, 2009, No. 45, the Art. 493), according to appendix.

2. This resolution becomes effective after three months from the date of its official publication.

Minister of Finance

R. Azimov

The acting head of the department of fight against tax, currency offenses and legalization of the criminal income under the Prosecutor General's Office

B. Zilyaev

Appendix

to the Resolution of the Ministry of Finance and Department on fight against tax, currency offenses and legalization of the criminal income under the Prosecutor General's Office of the Republic of Uzbekistan from April 13, 2015 No. No. 30, 11

Changes and additions made to Rules of internal control on counteraction of legalization of income gained from criminal activities and financing of terrorism for auditing organizations

1. In Item 2:

add with the paragraph the fifth the following content:

"the states which are not participating in international cooperation in the field of counteraction of legalization of income gained from criminal activities and to terrorism financing - the states and the territories determined in official declarations of Group on development of financial measures for anti-money laundering (FATF) which pose threat to international financial system and which have system of counteraction of legalization of income gained from criminal activities and to terrorism financing has strategic shortcomings;";

the fifth - the eleventh to consider paragraphs respectively paragraphs the sixth or twelfth;

add with paragraphs of the following content:

"offshore zone - the states and the territories which are providing preferential tax regime and (or) not providing disclosure and submission of information when carrying out financial transactions;

risk - risk of making by clients of transactions for the purpose of legalization of income gained from criminal activities, or terrorism financing.".

2. In Item 3:

add with the paragraph the second the following content:

"determination and risks assessment in the field of activities of auditing organization, during rendering professional service on conducting financial accounting, and also measures for their decrease;";

paragraphs two - to consider the fourth respectively paragraphs third - the fifth.

3. Add item 4 with the paragraph of the following content:

"acceptance of adequate measures by determination, assessment and decrease in risks within activities of auditing organization, during rendering professional service on conducting financial accounting.".

4. Add Item 7 with the paragraph of the following content:

"performs monitoring on the organization of internal control system and remedial action, revealed during monitoring and control by the Ministry of Finance of the Republic of Uzbekistan and Department.".

5. In Item 9:

add with the paragraph the eighth the following content:

"take adequate measures by determination and assessment of the risks of legalization of income gained from criminal activities, and terrorism financing documentary to fix these risks and to take measures for their decrease;";

to consider the paragraph of the eighth the paragraph the ninth.

6. State Item 12 in the following edition:

"12. The Ministry of Finance of the Republic of Uzbekistan annually till January 20 represents to Department of the information about responsible persons in auditing organizations.".

7. Add Item 14 with the paragraph of the following content:

"when implementing one-time transactions which amount exceeds the 300-fold size of minimum wage on the date of transaction implementation.".

8. Add with Items 14-1 and 14-2 of the following content:

"14-1. Auditing organizations shall take the strengthened measures of proper check if one of the parties of the transaction is the legal entity who is or registered in the state which is not participating in international cooperation in the field of counteraction of legalization of income gained from criminal activities, and to terrorism financing, or in offshore zone, and also referred to category of high risk.

14-2. The strengthened measures for proper check of the client include:

receipt of the additional information about the client (kind of activity, the size of assets, information available through open databases etc.) and more frequent updating of data on the client and the beneficial owner;

obtaining from the client of information on sources of its money and property;

receipt of information on the reasons of making of business transactions;

carrying out other strengthened measures of identification of the reasons of the performed transactions (transactions).".

9. Add with Chapter III-1 of the following content:

"III-1. Determination and assessment of risk level

22-1. Auditing organizations shall take measures for determination, assessment and decrease in risk level of making by clients of transactions for the purpose of legalization of income gained from criminal activities, or terrorism financing (further - risk level).

Risk level is determined and estimated by the responsible person, annually based on information provided by the client taking into account the transaction types with money or other property made by the client, the criteria determined by these rules and results of proper check of the client.

Results of risks assessment shall be drawn up in writing and be represented to Department.

22-2. Auditing organizations shall refer the clients answering to initially following criteria to category of high risk level and to show concerning them special attention:

persons concerning whom there are data on their participation in terrorist activities or stay under control of the persons who are engaged in terrorist activities, or directly or indirectly being the owner or controlling the organization performing or suspected of implementation of terrorist activities;

the persons who are constantly living, being or registered in the state which is not participating in international cooperation in the field of counteraction of legalization of income gained from criminal activities and to terrorism financing or in offshore zone;

nonresidents;

clients whose actual location does not correspond to the data specified in constituent or registration documents;

clients whose real owner is person specified in paragraphs second and third this Item;

the clients performing suspicious transactions on systematic basis (more than two times within three months in a row);

other persons whose transactions cause reasonable suspicions of the responsible person.

22-3. In process of change of nature of the operations performed by the client with money or other property, auditing organizations if necessary shall review risk level of work with it.

Auditing organizations shall pay special attention to all difficult, unusually large transactions with the money or other property which do not have the explicit economic or visible legal target.

Information on results of the performed measures shall be provided to management of auditing organization.

22-4. Auditing organizations shall take measures for non-admission of use of technological achievements for the purpose of legalization of income gained from criminal activities, and terrorism financing. For this purpose auditing organizations shall determine and estimate risk levels which can arise in connection with use of the new or developing technologies for rendering services.

Such risk assessment shall be carried out before use of the new or developing technologies.

Auditing organizations shall take adequate measures for monitoring and decrease in these risks.".

10. In Item 23:

the twelfth to exclude the paragraph;

the thirteenth and fourteenth to consider paragraphs respectively paragraphs the twelfth and thirteenth.

11. Add with Item 25-1 of the following content:

"25-1. Also transactions are subject to the message in Department if one of its parties is the person who is constantly living, being or registered in the state which is not participating in international cooperation in the field of counteraction of legalization of income gained from criminal activities and to financing of terrorism or in offshore zone.".

12. Add Chapter V with Items 31-1 and 31-2 of the following content:

"33-1. For the purpose of restriction of access to all documents (to correspondences concerning carrying out internal control, including to the paper and electronic copies of messages transferred to Department, to paper and electronic questionnaires of clients, special magazines, etc.) used in activities of the responsible person, such documents and their inventory shall be stored directly by this person in specially equipped room or in the fireproof and sealed safe.

33-2. Electronic document revisions shall be archived by program method, register in electronic media of information and be stored by the responsible person together with their inventory in the fireproof and sealed safe.".

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