Tashkent, Uzbekistan (UzDaily.com) — The Legislative Chamber of the Oliy Majlis of Uzbekistan has approved in the first reading a draft law aimed at strengthening regulation of the circulation of foreign currency and precious metals and stones. The press service of the lower house of parliament reported on the development.

The draft proposes introducing both criminal and administrative liability for illegal operations involving precious metals and stones. Specifically, it outlines amendments to Article 177 of the Criminal Code and Article 170 of the Administrative Liability Code concerning the illegal purchase or sale of foreign currency and valuables.

At the same time, the draft law eliminates administrative penalties for failure to comply with the mandatory sale of a portion of foreign currency earnings. Currently, officials face fines ranging from 8 to 12 base calculation units (approximately 3 to 4.5 million soums) for such violations.

According to Shamsiddin Sakhibnazarov, head of the Department for Combating Economic Crimes under the General Prosecutor’s Office, 99 cases of illegal trafficking in precious metals and stones have been identified in Uzbekistan since 2020. During investigations, authorities confiscated gold, silver, diamonds, and emeralds worth approximately 44 billion soums. He also highlighted that the turnover of gold products on the black market is estimated at US$600 million. Meanwhile, official gold production by independent prospectors has plummeted from 40 kilograms in 2020 to less than 0.4 kilograms last year.

The draft law was supported by 126 deputies. One abstained, four did not vote, and no votes were cast against it.