A DANGEROUS CRIME FOR THE ECONOMY.

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A DANGEROUS CRIME FOR THE ECONOMY.

06.02.2025 06.02.2025 175

At the same time, it is unfortunate to note that new types of legal violations are emerging in the economy. These include hiding revenues from the sale of goods, evading taxes and other mandatory payments, laundering proceeds from criminal activities, and other forms of offenses.

The crime of laundering proceeds from criminal activities is becoming one of the major concerns of the global community. This crime is directly linked to bribery, abuse of power, corruption, extortion, kidnapping, financial fraud, terrorism, and other offenses.

Money laundering is a process that conceals the existence, illegal origin, or unlawful use of proceeds and disguises them to appear as legally acquired.

If individuals or legal entities, without a transparent source of income, purchase real estate or make other expensive acquisitions far exceeding their actual earnings, these are signs of money laundering.

According to state authorities combating financial crimes, this offense is currently being carried out through financial operations, transactions, business activities, and the establishment of shell companies.

It manifests in government officials engaging in commercial activities for personal gain, using fake firms registered under the names of close relatives, extorting funds from foreign organizations, and lobbying regulatory documents or financial transactions to serve the interests of specific groups or individuals.

According to Article 243 of the Criminal Code of the Republic of Uzbekistan, laundering proceeds from criminal activities—such as transferring, converting, or exchanging illegally acquired property (money or other assets) to give it a legal appearance, as well as concealing its true nature, source, location, control, movement, or ownership—is considered a crime. It is categorized as an offense against public security.

On June 29, 2021, the Cabinet of Ministers adopted a resolution on additional measures for implementing the Law "On Combating the Legalization of Criminal Proceeds, the Financing of Terrorism, and the Financing of the Proliferation of Weapons of Mass Destruction." Under this resolution, organizations conducting financial operations must report suspicious transactions to the Department for Combating Economic Crimes under the General Prosecutor’s Office.

Failure to eliminate this socially harmful phenomenon can lead to serious consequences. The growth of the shadow economy intensifies social contradictions within society.

The legalization of illicitly acquired funds and assets enables criminal organizations to finance their future operations. Their uncontrolled access to financial institutions can cause severe damage to the financial system, which is especially dangerous for developing economies. Therefore, combating this crime should be a collective effort, involving not only law enforcement agencies but also society as a whole.

Rustam ATAYEV,
Director of the Department of Corporate Security and Resource Protection.

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