Uzbekistan Removes Panama From Offshore Watchlist

Uzbekistan has updated its list of offshore jurisdictions subject to heightened foreign-exchange monitoring, removing Panama from the countries requiring enhanced oversight of transactions.

The amendment was made to the Regulation governing the monitoring of the legitimacy of foreign-exchange operations conducted by both legal entities and individuals, The Caspian Post reports, citing Uzbek media.

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

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