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Uzbekistan prepares the legislative foundation for the Tashkent International Financial Centre

In a landmark legal development for Uzbekistan, the Ministry of Investments, Industry and Trade has published for consultation the draft Constitutional Law on the Tashkent International Financial Centre ("TIFC") (the "Draft Law") - the country's first attempt to establish a fully-fledged international financial centre with its own legal regime. If enacted, it would move decisively beyond Uzbekistan's traditional free economic zone model - which is principally focused on preferential customs, currency, tax and related investment conditions - by proposing a financial centre with: a special legal regime for finance, banking, capital markets and investment; a separate applicable-law hierarchy, with supplementary