Starting April 1, a new procedure for settlements under real estate and vehicle purchase agreements via escrow accounts comes into force in Uzbekistan. Funds will be transferred to the seller only after the contract is certified by a notary, and notaries are required to check the availability of funds in the account using an automated system.
The document covers real estate, vehicles of categories M, N, O, and G manufactured no more than 10 years ago, as well as special vehicles. When paying to multiple sellers, information is provided separately for each recipient. Violation of the rules entails liability in accordance with the law, and monitoring of implementation is entrusted to the Ministry of Justice and the Central Bank.
The innovation is aimed at increasing the transparency of transactions, reducing the risk of fraud, and digitizing financial settlements. Previously, the authorities also mandated that from April 1, government services, utility payments, goods worth over 25 million soums, and certain other transactions be paid exclusively via bank cards or electronic systems.
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