Uzbekistan Tightens Penalties on Precious Metals Trade

Tashkent, Uzbekistan (UzDaily.com) — Uzbekistan has adopted new legislation tightening penalties for the illegal acquisition and sale of precious metals and gemstones, with corresponding amendments made to the Criminal Code and the Code of Administrative Responsibility.

Under the updated regulations, illegal transactions involving precious metals and gemstones are subject to mandatory confiscation. Administrative penalties include detention of up to 15 days or fines ranging from 10 to 20 base calculation units, equivalent to approximately 4.1 million to 8.2 million Uzbek soums for individuals not subject to administrative arrest.

In cases where a similar offense is repeated after the imposition of an administrative penalty, criminal liability is introduced. The law provides for fines ranging from 75 to 100 base calculation units, or approximately 30.9 million to 41.2 million soums.

Alternatively, courts may impose corrective labor for a period of two to three years, restriction of liberty for up to one year, or imprisonment for the same term.

The legislative changes are aimed at strengthening oversight of the precious metals and gemstones market and preventing illegal activity in the sector.