“Trust in the banking system will decrease” – experts on money transfer monitoring

If more than 500 BHM (206 million soums) is transferred to a citizen's bank card from other individuals within a month, banks may be required to report this to the tax authority. However, the tax committee's intention was deemed unconstitutional by the Central Bank. Tax consultants Yorqin Abdullayev and Dilmurod Usmonov, in an interview with Kun.uz, shared their detailed thoughts on the legal and economic consequences of this initiative. According to them, this news may decrease trust in the banking system as citizens' personal information could be at risk. For this reason, this legislative change is being actively discussed by the public.