Private banking, financial institutions to be inspected once in five years

President of Uzbekistan Islam Karimov signed a decree “On introduction of changes and amendments to some decrees of the President of Uzbekistan in connection with adoption of law “On private banking and financial institutions and guarantees of their activities” on 26 March 2013.

According to the decree, controlling bodies can carry out planned inspections of activities of banking and financial institutions once in five years based on decision of specialized authorized body on coordination of activities of controlling bodies.

Corresponding changes were introduced to presidential decrees “On ordering organization of inspection of economic entities” and “On measures on further decreasing and improving system of inspection of business entities”.