American-Uzbekistan Chamber of Commerce

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On 25 February 2017, the Minister of Foreign Affairs of the Republic of Uzbekistan Abdulaziz Kamilov received the Deputy Assistant Secretary of State for Central Asia of the United States of America Daniel Rosenblum in Tashkent.
The sides exchanged views on the issues of Uzbek-US relations, some international and regional problems, the Uzbek Foreign Ministry said.
The parties also considered the results of the next meeting of the American-Uzbek Chamber of Commerce, which took place on 1 February 2017 in Tashkent.
The Ambassador of the USA Pamela Leora Spratlen attended the meeting.

SWIFT announces today that the financial community in Turkmenistan has signed up to use its Know Your Customer (KYC) Registry, a centralised repository that maintains a standardised set of information about correspondent banks, funds distributors and custodians required for due diligence processes.
In addition, SWIFT announces that 13 banks in Uzbekistan have also signed up to use The KYC Registry.
In both community deals, SWIFT has worked closely with its Business Partner in the region, Alliance Factors, to support and on-board customers.
"It has never been more critical for communities to work together to combat financial crime and we fully understand the requirements of this region. Know Your Customer due diligence is of the highest importance in an increasingly complex environment marked by financial crime; The KYC Registry helps the community to meet their requirements seamlessly," says Vera Yablochkova, SWIFT Sales Team leader, Alliance Factors. "SWIFT's utility approach helps them to save on costs and manpower, while providing the peace of mind that they are meeting our regulatory obligations. This is crucial in today's environment."
The communities in both countries join the 3,500 correspondent banks and funds players in over 200 countries and territories that are using the industry-owned compliance utility to standardise KYC management, increase effectiveness and efficiency, and demonstrate compliance with Anti-Money Laundering (AML) and Counter Terrorist Financing (CTF) requirements. More than 20 central banks have also signed up for the service. This broad cross-section of the industry accounts for two-thirds of SWIFT message traffic.
The banks who have signed up to The KYC Registry are:
  • in Turkmenistan: Halkbank, Bank Senagat, State Bank For Foreign Economic Affairs Of Turkmenistan, Presidentbank, Bank Garagum, Bank Turkmenbashi, Bank Turkmenistan, Turkmen Turkish Bank, National Bank Of Pakistan
  • in Uzbekistan: Agrobank, Bank Asaka, Asia Alliance Bank, Infinbank, Aloqabank, Hamkorbank, Bank Ipak Yuli, National Bank for Foreign Economic Activity of the Rep. Uzbekistan, Davr Bank, Qishloq Qurilish Bank, Xalq Bank of the Republic of Uzbekistan, Trustbank, Uzbek Industrial and Construction Bank.

A delegation of Uzbekistan took part in the consultations of the member states of the Shanghai Cooperation Organization (SCO) in Moscow, Russia, on 20 January 2017.
Before the consultations, the delegations of the SCO member states held meeting with the Russian Foreign Minister Sergei Lavrov, the press service of the Uzbek Foreign Ministry said.
Deputy Foreign Ministers of Kazakhstan, Kyrgyzstan, China, Russia, Tajikistan and Uzbekistan discussed the practical issues of cooperation within the SCO framework in the context of the forthcoming enlargement of the organization.
The sides discussed priorities and practical measures for development of cooperation within the SCO framework in the fields of politics, security, economy and humanitarian spheres.
The SCO member states supported joint efforts in ensuring peace and stability, welfare and prosperity of the SCO.
The parties stated that the successful promotion of the process of enlargement, in particular the forthcoming admission of India and Pakistan as full members, will further enrich the multifaceted potential of equal cooperation, enhance the international role and authority of the SCO.
The World Bank Group and the Islamic Development Bank published the first Global Report on Islamic Finance, which details the prospects for the global Islamic finance industry and its potential to help reduce worldwide income inequality, enhance sharing prosperity, and achieve the Sustainable Development Goals.
Subtitled "A Catalyst for Shared Prosperity?", the report provides an overview of trends in Islamic finance, identifies major challenges hindering the industry's growth, and recommends policy interventions to leverage Islamic finance for promoting shared prosperity.
Islamic finance advocates for just fair and equitable distribution of income and wealth. With a strong link to the real economy as well as risk-sharing financing, Islamic finance can help improve the stability of the financial sector. It can also bring into the formal financial system people who are currently excluded from it due to cultural or religious reasons. Unlike conventional finance, Islamic finance is based on risk-sharing and asset-based financing. By making people direct holders of real assets in the real sector of the economy, it reduces their aversion to risk.
The report outlines a theoretical framework to analyze Islamic economics and finance based on four fundamental pillars:
  • Institutional framework and public policy
  • Prudent governance and accountable leadership
  • Promotion of an economy based on risk sharing and entrepreneurship
To read more, please click here.
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