With an aim to strengthen the trust of population towards the banking system, decrease the out-of-bank circulation of cash, further stimulate the attraction of available funds of the population to the deposits into commercial banks as the most important source of investment resources for the accelerated development of the country’s economy and raise of the population’s living standards:

1. The procedure shall be established in line with which from April 1, 2008 to April 1, 2009 the banks are obliged to receive from physical entities-residents of the Republic of Uzbekistan for the savings accounts, including the bearer deposits, the cash assets in national and foreign currency deposited in the form of cash or transferred from one’s personal accounts in foreign banks without limitations in size of deposit and producing documents that certify their sources of origin.

2. It shall be established that:

The sources of funds deposited by physical entities-residents of the Republic of Uzbekistan to savings accounts in banks shall not be subject to declaration;

The cash assets deposited by physical entities to savings accounts in banks in the period from April 1, 2008 to April 1, 2009 shall be freed of payment of taxes and other obligatory payments.

3. The banks, law-enforcement, tax and other controlling bodies of the republic shall categorically be forbidden to request the depositors-physical entities and servicing banks various documents and references about the legality of sources of origin of cash assets and other information that comprise the bank secrecy.

Any requests in terms of producing by a depositor of references and other information about the sources of origin of cash assets shall be considered unlawful with bringing the officials who violate these requirements into account in line with the established procedure.

4. It shall be taken into consideration that in accordance with legislation:

Physical entities-depositors may dispose of cash assets deposited to their savings accounts in banks at their discretion and without limitations;

Banks shall be obliged to guarantee the preservation of bank secrecy on the accounts and deposits of physical entities, as well as operations carried out on them;

For illegal disclosure or granting the third parties the information that comprise the bank secrecy the officials at fault shall be brought into account in accordance with established legislative order, right up to criminal prosecution.

5. The Office of Prosecutor General of the Republic of Uzbekistan shall establish the close supervision of strict observance of the requirements of legislation on bank secrecy by bodies of power in the local levels, law-enforcement, tax and other controlling bodies, banks, and officials.

6. The Central Bank of the Republic of Uzbekistan alongside with Ministry of Justice, other interested agencies in a month’s time shall introduce to the Cabinet of Ministers of the Republic of Uzbekistan the proposals on amendments and addenda to legislation following this Decree.

7. The Prime Minister of the Republic of Uzbekistan Mirziyoev Sh.M. and Chairman of the Central Bank of the Republic of Uzbekistan Mullajanov F.M. shall be laid the responsibility on controlling the implementation of this Decree.

President of the Republic
of Uzbekistan Islam Karimov

City of Tashkent,
February 20, 2008

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