Offshore companies to be banned to possess share in Uzbek insurance companies

The Ministry of Finance of Uzbekistan developed a draft Concept for development of the financial market of the country for the medium and long terms. The draft concept was published on the portal for discussion of normative legal acts.

According to the documents, starting from 1 January 2018, Uzbekistan will establish an order according to which non-resident legal entities, registered in offshore zones, and foreign citizens, residing in offshore zones, cannot own stake in the authorized capital of insurance companies, registered in Uzbekistan.