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Home / Opinion / No Financial Pyramids in Uzbekistan

No Financial Pyramids in Uzbekistan

A new article appears in the Criminal Code of the Republic of Uzbekistan, according to which the country introduced criminal responsibility for the organization of financial pyramids.

It came after when on September 23, 2016, the Acting President of Uzbekistan signed the Law ‘On introducing amendments and additions to some legislative acts of the Republic of Uzbekistan’ that was passed by the Legislative Chamber of Oliy Majlis of Uzbekistan on August 22, 2016 and approved by the Senate on August 25, 2016.

In accordance with new article 188-1 of the Code, the implementation of the illegal activities to raise funds and (or) other property of physical and legal entities by making a commitment to the provision of property benefit, as well as management and maintenance of such activities will be punished by a fine of 100 to 300 minimum monthly earnings (minimum wages), or community services for up to 2 years, limitation of freedom from 3 to 5 years, or imprisonment from 3 to 5 years.

The same acts committed on a large scale, repeatedly or by a dangerous recidivist by prior agreement of persons, will be punished by a fine of 300 to 500 minimum monthly wages, or community services for 2 to 3 years, or imprisonment from 5 to 7 years.

The same actions committed on a large scale, especially by dangerous recidivist, or by an organized group or in its interests, will be punished by imprisonment from 7 to 10 years.
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