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Agreement between the Government of the United States of America and the Government 

of the Republic of Uzbekistan to Improve International Tax Compliance and 

to Implement FATCA

Whereas, the Government of the United States of America and the Government of the Republic of 

Uzbekistan (each, a “Party,” and together, the “Parties”) desire to conclude an agreement to 

improve international tax compliance;

Whereas, the United States of America enacted provisions commonly known as the Foreign 

Account Tax Compliance Act (“FATCA”), which introduce a reporting regime for financial 

institutions with respect to certain accounts;

Whereas, the Government of the Republic of Uzbekistan is supportive of the underlying policy goal 

of FATCA to improve tax compliance;

Whereas, FATCA has raised a number of issues, including that the Republic of Uzbekistan’s

financial institutions may not be able to comply with certain aspects of FATCA due to domestic 

legal impediments;

Whereas, an intergovernmental approach to FATCA implementation would address legal 

impediments and reduce burdens for the Republic of Uzbekistan financial institutions;

Whereas, the Parties desire to conclude an agreement to improve international tax compliance and 

provide for the implementation of FATCA based on domestic reporting and automatic exchange, 

subject to the confidentiality and other protections provided for herein, including the provisions 

limiting the use of the information exchanged;

Now, therefore, the Parties have agreed as follows:

Article 1

Definitions

1. For purposes of this agreement and any annexes thereto (“Agreement”), the following 

terms shall have the meanings set forth below:

a) The term “United States” means the United States of America, including the 

States thereof, but does not include the U.S. Territories. Any reference to a

“State” of the United States includes the District of Columbia.

b) The term “U.S. Territory” means American Samoa, the Commonwealth of the 

Northern Mariana Islands, Guam, the Commonwealth of Puerto Rico, or the 

U.S. Virgin Islands.

c) The term “IRS” means the U.S. Internal Revenue Service.

d) The term “Uzbekistan” means the Republic of Uzbekistan.

e) The term “Partner Jurisdiction” means a jurisdiction that has in effect an agreement 

with the United States to facilitate the implementation of FATCA. The IRS shall 

publish a list identifying all Partner Jurisdictions.
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f) The term “Competent Authority” means:

(1) in the case of the United States, the Secretary of the Treasury or his delegate; 

and

(2) in the case of Uzbekistan, the State Tax Committee or its authorized 

representative.

g) The term “Financial Institution” means a Custodial Institution, a Depository

Institution, an Investment Entity, or a Specified Insurance Company.

h) The term “Custodial Institution” means any Entity that holds, as a substantial 

portion of its business, financial assets for the account of others.

An entity holds financial assets for the account of others as a substantial portion of its 

business if the entity’s gross income attributable to the holding of financial assets and 

related financial services equals or exceeds 20 percent of the entity’s gross income 

during the shorter of: (i) the three-year period that ends on December 31 (or the final 

day of a non-calendar year accounting period) prior to the year in which the 

determination is being made; or (ii) the period during which the entity has been in 

existence.

i) The term “Depository Institution” means any Entity that accepts deposits in

the ordinary course of a banking or similar business.

j) The term “Investment Entity” means any Entity that conducts as a business

(or is managed by an entity that conducts as a business) one or more of the 

following activities or operations for or on behalf of a customer:

(1) trading in money market instruments (cheques, bills, certificates of 

deposit, derivatives, etc.); foreign exchange; exchange, interest rate and 

index instruments; transferable securities; or commodity futures 

trading;

(2) individual and collective portfolio management; or

(3) otherwise investing, administering, or managing funds or money on 

behalf of other persons.

This subparagraph 1(j) shall be interpreted in a manner consistent with similar 

language set forth in the definition of “financial institution” in the Financial Action 

Task Force Recommendations.

k) The term “Specified Insurance Company” means any Entity that is an

insurance company (or the holding company of an insurance company) that issues, 

or is obligated to make payments with respect to, a Cash Value Insurance Contract 

or an Annuity Contract.

l) The term “Uzbekistan Financial Institution” means (i) any Financial Institution 

organized under the laws of Uzbekistan, but excluding any branch of such Financial 

Institution that is located outside Uzbekistan, and (ii) any branch of a Financial 

Institution not organized under the laws of Uzbekistan, if such branch is located in 

Uzbekistan.
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m) The term “Partner Jurisdiction Financial Institution” means (i) any Financial 

Institution established in a Partner Jurisdiction, but excluding any branch of such 

Financial Institution that is located outside the Partner Jurisdiction, and (ii) any 

branch of a Financial Institution not established in the Partner Jurisdiction, if such 

branch is located in the Partner Jurisdiction.

n) The term “Reporting Uzbekistan Financial Institution” means any Uzbekistan

Financial Institution that is not a Non-Reporting Uzbekistan Financial Institution.

o) The term “Non-Reporting Uzbekistan Financial Institution” means any 

Uzbekistan Financial Institution, or other Entity resident in Uzbekistan, that is 

described in Annex II as a Non-Reporting Uzbekistan Financial Institution or that 

otherwise qualifies as a deemed-compliant FFI or an exempt beneficial owner under 

relevant U.S. Treasury Regulations.

p) The term “Nonparticipating Financial Institution” means a nonparticipating

FFI, as that term is defined in relevant U.S. Treasury Regulations, but does not 

include an Uzbekistan Financial Institution or other Partner Jurisdiction Financial 

Institution other than a Financial Institution treated as a Nonparticipating Financial 

Institution pursuant to subparagraph 3(b) of Article 5 of this Agreement or the 

corresponding provision in an agreement between the United States and a Partner 

Jurisdiction.

q) The term “Financial Account” means an account maintained by a Financial

Institution, and includes:

(1) in the case of an Entity that is a Financial Institution solely because it is an 

Investment Entity, any equity or debt interest (other than interests that are 

regularly traded on an established securities market) in the Financial 

Institution;

(2) in the case of a Financial Institution not described in subparagraph 1(q)(1) of 

this Article, any equity or debt interest in the Financial Institution (other than 

interests that are regularly traded on an established securities market), if (i) 

the value of the debt or equity interest is determined, directly or indirectly, 

primarily by reference to assets that give rise to U.S. Source Withholdable

Payments, and (ii) the class of interests was established with a purpose of 

avoiding reporting in accordance with this Agreement; and

(3) any Cash Value Insurance Contract and any Annuity Contract issued or 

maintained by a Financial Institution, other than a noninvestment- linked, 

nontransferable immediate life annuity that is issued to an individual and 

monetizes a pension or disability benefit provided under an account that is 

excluded from the definition of Financial Account in Annex II.

Notwithstanding the foregoing, the term “Financial Account” does not include any 

account that is excluded from the definition of Financial Account in Annex II. For 

purposes of this Agreement, interests are “regularly traded” if there is a meaningful 

volume of trading with respect to the interests on an ongoing basis, and an 

“established securities market” means an exchange that is officially recognized and 

supervised by a governmental authority in which the market is located and that has a 

meaningful annual value of shares traded on the exchange. For purposes of this 
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subparagraph 1(q), an interest in a Financial Institution is not “regularly traded” and 

shall be treated as a Financial Account if the holder of the interest (other than a 

Financial Institution acting as an intermediary) is registered on the books of such 

Financial Institution. The preceding sentence will not apply to interests first 

registered on the books of such Financial Institution prior to July 1, 2014, and with 

respect to interests first registered on the books of such Financial Institution on or 

after July 1, 2014, a Financial Institution is not required to apply the preceding 

sentence prior to January 1, 2016.

r) The term “Depository Account” includes any commercial, checking, savings, time, 

or thrift account, or an account that is evidenced by a certificate of deposit, thrift 

certificate, investment certificate, certificate of indebtedness, or other similar 

instrument maintained by a Financial Institution in the ordinary course of a banking 

or similar business. A Depository Account also includes an amount held by an 

insurance company pursuant to a guaranteed investment contract or similar agreement 

to pay or credit interest thereon.

s) The term “Custodial Account” means an account (other than an Insurance Contract 

or Annuity Contract) for the benefit of another person that holds any financial 

instrument or contract held for investment (including, but not limited to, a share or 

stock in a corporation, a note, bond, debenture, or other evidence of indebtedness, a 

currency or commodity transaction, a credit default swap, a swap based upon a 

nonfinancial index, a notional principal contract, an Insurance Contract or Annuity 

Contract, and any option or other derivative instrument).

t) The term “Equity Interest” means, in the case of a partnership that is a Financial 

Institution, either a capital or profits interest in the partnership. In the case of a trust 

that is a Financial Institution, an Equity Interest is considered to be held by any 

person treated as a settlor or beneficiary of all or a portion of the trust, or any other 

natural person exercising ultimate effective control over the trust. A Specified U.S. 

Person shall be treated as being a beneficiary of a foreign trust if such Specified U.S. 

Person has the right to receive directly or indirectly (for example, through a nominee) 

a mandatory distribution or may receive, directly or indirectly, a discretionary 

distribution from the trust.

u) The term “Insurance Contract” means a contract (other than an Annuity Contract) 

under which the issuer agrees to pay an amount upon the occurrence of a specified 

contingency involving mortality, morbidity, accident, liability, or property risk.

v) The term “Annuity Contract” means a contract under which the issuer agrees to 

make payments for a period of time determined in whole or in part by reference to the 

life expectancy of one or more individuals. The term also includes a contract that is 

considered to be an Annuity Contract in accordance with the law, regulation, or 

practice of the jurisdiction in which the contract was issued, and under which the 

issuer agrees to make payments for a term of years.

w) The term “Cash Value Insurance Contract” means an Insurance Contract (other 

than an indemnity reinsurance contract between two insurance companies) that has a 

Cash Value greater than $50,000.

x) The term “Cash Value” means the greater of (i) the amount that the policyholder is 

entitled to receive upon surrender or termination of the contract (determined 
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without reduction for any surrender charge or policy loan), and (ii) the amount the 

policyholder can borrow under or with regard to the contract. Notwithstanding the 

foregoing, the term “Cash Value” does not include an amount payable under an 

Insurance Contract as:

(1) a personal injury or sickness benefit or other benefit providing 

indemnification of an economic loss incurred upon the occurrence of the 

event insured against;

(2) a refund to the policyholder of a previously paid premium under an

Insurance Contract (other than under a life insurance contract) due to 

policy cancellation or termination, decrease in risk exposure during the 

effective period of the Insurance Contract, or arising from a 

redetermination of the premium due to correction of posting or other

similar error; or

(3) a policyholder dividend based upon the underwriting experience of the 

contract or group involved.

y) The term “U.S. Reportable Account” means a Financial Account maintained by 

a Reporting Uzbekistan Financial Institution and held by one or more Specified 

U.S. Persons or by a Non-U.S. Entity with one or more Controlling Persons that is 

a Specified U.S. Person. Notwithstanding the foregoing, an account shall not be 

treated as a U.S. Reportable Account if such account is not identified as a U.S. 

Reportable Account after application of the due diligence procedures in Annex I.

z) The term “Account Holder” means the person listed or identified as the holder of a 

Financial Account by the Financial Institution that maintains the account. A person, 

other than a Financial Institution, holding a Financial Account for the benefit or 

account of another person as agent, custodian, nominee, signatory, investment 

advisor, or intermediary, is not treated as holding the account for purposes of this 

Agreement, and such other person is treated as holding the account. For purposes of 

the immediately preceding sentence, the term “Financial Institution” does not include 

a Financial Institution organized or incorporated in a U.S. Territory. In the case of a 

Cash Value Insurance Contract or an Annuity Contract, the Account Holder is any 

person entitled to access the Cash Value or change the beneficiary of the contract. If 

no person can access the Cash Value or change the beneficiary, the Account Holder is 

any person named as the owner in the contract and any person with a vested 

entitlement to payment under the terms of the contract. Upon the maturity of a Cash 

Value Insurance Contract or an Annuity Contract, each person entitled to receive a 

payment under the contract is treated as an Account Holder.

aa) The term “U.S. Person” means a U.S. citizen or resident individual, a partnership or 

corporation organized in the United States or under the laws of the United States or 

any State thereof, a trust if (i) a court within the United States would have authority 

under applicable law to render orders or judgments concerning substantially all issues 

regarding administration of the trust, and (ii) one or more U.S. persons have the 

authority to control all substantial decisions of the trust, or an estate of a decedent that 

is a citizen or resident of the United States. This subparagraph 1(aa) shall be 

interpreted in accordance with the U.S. Internal Revenue Code.
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bb) The term “Specified U.S. Person” means a U.S. Person, other than: (i) a corporation 

the stock of which is regularly traded on one or more established securities markets; 

(ii) any corporation that is a member of the same expanded affiliated group, as 

defined in section 1471(e)(2) of the U.S. Internal Revenue Code, as a corporation 

described in clause (i); (iii) the United States or any wholly owned agency or 

instrumentality thereof; (iv) any State of the United States, any U.S. Territory, any 

political subdivision of any of the foregoing, or any wholly owned agency or 

instrumentality of any one or more of the foregoing; (v) any organization exempt 

from taxation under section 501(a) of the U.S. Internal Revenue Code or an 

individual retirement plan as defined in section 7701(a)(37) of the U.S. Internal 

Revenue Code; (vi) any bank as defined in section 581 of the U.S. Internal Revenue 

Code; (vii) any real estate investment trust as defined in section 856 of the U.S. 

Internal Revenue Code; (viii) any regulated investment company as defined in section 

851 of the U.S. Internal Revenue Code or any entity registered with the U.S. 

Securities and Exchange Commission under the Investment Company Act of 1940 

(15 U.S.C. 80a-64); (ix) any common trust fund as defined in section 584(a) of the 

U.S. Internal Revenue Code; (x) any trust that is exempt from tax under section 

664(c) of the U.S. Internal Revenue Code or that is described in section 4947(a)(1) of 

the U.S. Internal Revenue Code; (xi) a dealer in securities, commodities, or derivative 

financial instruments (including notional principal contracts, futures, forwards, and 

options) that is registered as such under the laws of the United States or any State; 

(xii) a broker as defined in section 6045(c) of the U.S. Internal Revenue Code; or 

(xiii) any tax-exempt trust under a plan that is described in section 403(b) or section 

457(g) of the U.S. Internal Revenue Code.

cc) The term “Entity” means a legal person or a legal arrangement such as a trust.

dd) The term “Non-U.S. Entity” means an Entity that is not a U.S. Person.

ee) The term “U.S. Source Withholdable Payment” means any payment of interest 

(including any original issue discount), dividends, rents, salaries, wages, premiums, 

annuities, compensations, remunerations, emoluments, and other fixed or 

determinable annual or periodical gains, profits, and income, if such payment is from 

sources within the United States. Notwithstanding the foregoing, a U.S. Source 

Withholdable Payment does not include any payment that is not treated as a 

withholdable payment in relevant U.S. Treasury Regulations.

ff) An Entity is a “Related Entity” of another Entity if either Entity controls the other 

Entity, or the two Entities are under common control. For this purpose control 

includes direct or indirect ownership of more than 50 percent of the vote or value in 

an Entity. Notwithstanding the foregoing, Uzbekistan may treat an Entity as not a 

Related Entity of another Entity if the two Entities are not members of the same 

expanded affiliated group as defined in section 1471(e)(2) of the U.S. Internal 

Revenue Code.

gg) The term “U.S. TIN” means a U.S. federal taxpayer identifying number.

hh) The term “Controlling Persons” means the natural persons who exercise control 

over an Entity. In the case of a trust, such term means the settlor, the trustees, the 

protector (if any), the beneficiaries or class of beneficiaries, and any other natural 

person exercising ultimate effective control over the trust, and in the case of a legal 

arrangement other than a trust, such term means persons in equivalent or similar 
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positions. The term “Controlling Persons” shall be interpreted in a manner consistent 

with the Financial Action Task Force Recommendations.

2. Any term not otherwise defined in this Agreement shall, unless the context otherwise 

requires or the Competent Authorities agree to a common meaning (as permitted by domestic law), 

have the meaning that it has at that time under the law of the Party applying this Agreement, any 

meaning under the applicable tax laws of that Party prevailing over a meaning given to the term 

under other laws of that Party.

Article 2

Obligations to Obtain and Exchange Information with Respect to U.S. Reportable

Accounts

1. Subject to the provisions of Article 3 of this Agreement, Uzbekistan shall obtain the 

information specified in paragraph 2 of this Article with respect to all U.S. Reportable Accounts and 

shall annually exchange this information with the United States on an automatic basis.

2. The information to be obtained and exchanged with respect to each U.S. Reportable

Account of each Reporting Uzbekistan Financial Institution is:

a) the name, address, and U.S. TIN of each Specified U.S. Person that is an

Account Holder of such account and, in the case of a Non-U.S. Entity that, after 

application of the due diligence procedures set forth in Annex I, is identified as 

having one or more Controlling Persons that is a Specified U.S. Person, the name, 

address, and U.S. TIN (if any) of such entity and each such Specified U.S. Person;

b) the account number (or functional equivalent in the absence of an account 

number);

c) the name and identifying number of the Reporting Uzbekistan Financial 

Institution;

d) the account balance or value (including, in the case of a Cash Value Insurance 

Contract or Annuity Contract, the Cash Value or surrender value) as of the end of 

the relevant calendar year or other appropriate reporting period or, if the account 

was closed during such year, immediately before closure;

e) in the case of any Custodial Account:

(1) the total gross amount of interest, the total gross amount of dividends, 

and the total gross amount of other income generated with respect to the 

assets held in the account, in each case paid or credited to the account (or 

with respect to the account) during the calendar year or other appropriate 

reporting period; and

(2) the total gross proceeds from the sale or redemption of property paid or 

credited to the account during the calendar year or other appropriate 

reporting period with respect to which the Reporting Uzbekistan 

Financial Institution acted as a custodian, broker, nominee, or otherwise 

as an agent for the Account Holder;

f) in the case of any Depository Account, the total gross amount of interest paid or 
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credited to the account during the calendar year or other appropriate reporting 

period; and

g) in the case of any account not described in subparagraph 2(e) or 2(f) of this 

Article, the total gross amount paid or credited to the Account Holder with 

respect to the account during the calendar year or other appropriate reporting 

period with respect to which the Reporting Uzbekistan Financial Institution is the 

obligor or debtor, including the aggregate amount of any redemption payments 

made to the Account Holder during the calendar year or other appropriate 

reporting period.

Article 3

Time and Manner of Exchange of Information

1. For purposes of the exchange obligation in Article 2 of this Agreement, the amount 

and characterization of payments made with respect to a U.S. Reportable Account may be 

determined in accordance with the principles of the tax laws of Uzbekistan.

2. For purposes of the exchange obligation in Article 2 of this Agreement, the 

information exchanged shall identify the currency in which each relevant amount is 

denominated.

3. With respect to paragraph 2 of Article 2 of this Agreement, information is to be 

obtained and exchanged with respect to 2014 and all subsequent years, except that:

a) the information to be obtained and exchanged with respect to 2014 is only the

information described in subparagraphs 2(a) through 2(d) of Article 2 of this 

Agreement;

b) the information to be obtained and exchanged with respect to 2015 is the

information described in subparagraphs 2(a) through 2(g) of Article 2 of this 

Agreement, except for gross proceeds described in subparagraph 2(e)(2) of Article 2 

of this Agreement; and

c) the information to be obtained and exchanged with respect to 2016 and subsequent 

years is the information described in subparagraphs 2(a) through 2(g) of Article 2 of 

this Agreement;

4. Notwithstanding paragraph 3 of this Article, with respect to each U.S. Reportable 

Account maintained by a Reporting Uzbekistan Financial Institution as of June 30, 2014, and 

subject to paragraph 3 of Article 6 of this Agreement, Uzbekistan is not required to obtain and 

include in the exchanged information the U.S. TIN of any relevant person if such U.S. TIN is 

not in the records of the Reporting Uzbekistan Financial Institution. In such a case, Uzbekistan

shall obtain and include in the exchanged information the date of birth of the relevant person, if 

the Reporting Uzbekistan Financial Institution has such date of birth in its records.

5. Subject to paragraphs 3 and 4 of this Article, the information described in Article 2 of this 

Agreement shall be exchanged within nine months after the end of the calendar year to which the 

information relates.

6. The Competent Authorities of Uzbekistan and the United States shall enter into an 

agreement or arrangement under the mutual agreement procedure provided for in Article 8 of this 
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Agreement, which shall:

a) establish the procedures for the automatic exchange obligations described in

Article 2 of this Agreement;

b) prescribe rules and procedures as may be necessary to implement Article 5 of

this Agreement; and

c) establish as necessary procedures for the exchange of the information reported

under subparagraph 1(b) of Article 4 of this Agreement.

7. All information exchanged shall be subject to the confidentiality and other protections 

provided for in Article 9 of this Agreement, including the provisions limiting the use of the 

information exchanged.

Article 4

Application of FATCA to Uzbekistan Financial Institutions

1. Treatment of Reporting Uzbekistan Financial Institutions. Each Reporting Uzbekistan

Financial Institution shall be treated as complying with, and not subject to withholding under, 

section 1471 of the U.S. Internal Revenue Code if Uzbekistan complies with its obligations under 

Articles 2 and 3 of this Agreement with respect to such Reporting Uzbekistan Financial Institution, 

and the Reporting Uzbekistan Financial Institution:

a) identifies U.S. Reportable Accounts and reports annually to the Uzbekistan

Competent Authority the information required to be reported in paragraph 2 of 

Article 2 of this Agreement in the time and manner described in Article 3 of this 

Agreement;

b) for each of 2015 and 2016, reports annually to the Uzbekistan Competent 

Authority the name of each Nonparticipating Financial Institution to which it has 

made payments and the aggregate amount of such payments;

c) complies with the applicable registration requirements on the IRS FATCA 

registration website;

d) to the extent that a Reporting Uzbekistan Financial Institution is (i) acting as a 

qualified intermediary (for purposes of section 1441 of the U.S. Internal Revenue 

Code) that has elected to assume primary withholding responsibility under chapter 

3 of subtitle A of the U.S. Internal Revenue Code, (ii) a foreign partnership that 

has elected to act as a withholding foreign partnership (for purposes of both 

sections 1441 and 1471 of the U.S. Internal Revenue Code), or (iii) a foreign trust 

that has elected to act as a withholding foreign trust (for purposes of both sections 

1441 and 1471 of the U.S. Internal Revenue Code), withholds 30 percent of any 

U.S. Source Withholdable Payment to any Nonparticipating Financial Institution; 

and

e) in the case of a Reporting Uzbekistan Financial Institution that is not described in 

subparagraph 1(d) of this Article and that makes a payment of, or acts as an 

intermediary with respect to, a U.S. Source Withholdable Payment to any 

Nonparticipating Financial Institution, the Reporting Uzbekistan Financial 
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Institution provides to any immediate payor of such U.S. Source Withholdable 

Payment the information required for withholding and reporting to occur with 

respect to such payment.

Notwithstanding the foregoing, a Reporting Uzbekistan Financial Institution with respect to which 

the conditions of this paragraph 1 are not satisfied shall not be subject to withholding under section 

1471 of the U.S. Internal Revenue Code unless such Reporting Uzbekistan Financial Institution is 

treated by the IRS as a Nonparticipating Financial Institution pursuant to subparagraph 3(b) of 

Article 5 of this Agreement.

2. Suspension of Rules Relating to Recalcitrant Accounts. The United States shall not 

require a Reporting Uzbekistan Financial Institution to withhold tax under section 1471 or 1472 

of the U.S. Internal Revenue Code with respect to an account held by a recalcitrant account holder 

(as defined in section 1471(d)(6) of the U.S. Internal Revenue Code), or to close such account, if 

the U.S. Competent Authority receives the information set forth in paragraph 2 of Article 2 of this 

Agreement, subject to the provisions of Article 3 of this Agreement, with respect to such account.

3. Specific Treatment of Uzbekistan Retirement Plans. The United States shall treat as 

deemed-compliant FFIs or exempt beneficial owners, as appropriate, for purposes of sections 1471 

and 1472 of the U.S. Internal Revenue Code, Uzbekistan retirement plans described in Annex II. 

For this purpose, a Uzbekistan retirement plan includes an Entity established or located in, and 

regulated by, Uzbekistan, or a predetermined contractual or legal arrangement, operated to provide 

pension or retirement benefits or earn income for providing such benefits under the laws of

Uzbekistan and regulated with respect to contributions, distributions, reporting, sponsorship, and 

taxation.

4. Identification and Treatment of Other Deemed-Compliant FFIs and 

Exempt Beneficial Owners. The United States shall treat each Non-Reporting Uzbekistan 

Financial Institution as a deemed-compliant FFI or as an exempt beneficial owner, as appropriate, 

for purposes of section 1471 of the U.S. Internal Revenue Code.

5. Special Rules Regarding Related Entities and Branches That Are Nonparticipating 

Financial Institutions. If a Uzbekistan Financial Institution, that otherwise meets the requirements 

described in paragraph 1 of this Article or is described in paragraph 3 or 4 of this Article, has a 

Related Entity or branch that operates in a jurisdiction that prevents such Related Entity or branch 

from fulfilling the requirements of a participating FFI or deemed-compliant FFI for purposes of 

section 1471 of the U.S. Internal Revenue Code or has a Related Entity or branch that is treated as 

a Nonparticipating Financial Institution solely due to the expiration of the transitional rule for 

limited FFIs and limited branches under relevant U.S. Treasury Regulations, such Uzbekistan

Financial Institution shall continue to be in compliance with the terms of this Agreement and shall 

continue to be treated as a deemed-compliant FFI or exempt beneficial owner, as appropriate, for 

purposes of section 1471 of the U.S. Internal Revenue Code, provided that:

a) the Uzbekistan Financial Institution treats each such Related Entity or branch as a 

separate Nonparticipating Financial Institution for purposes of all the reporting and 

withholding requirements of this Agreement and each such Related Entity or 

branch identifies itself to withholding agents as a Nonparticipating Financial 

Institution;

b) each such Related Entity or branch identifies its U.S. accounts and reports the 

information with respect to those accounts as required under section 1471 of the 
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U.S. Internal Revenue Code to the extent permitted under the relevant laws 

pertaining to the Related Entity or branch; and

c) such Related Entity or branch does not specifically solicit U.S. accounts held by 

persons that are not resident in the jurisdiction where such Related Entity or 

branch is located or accounts held by Nonparticipating Financial Institutions that 

are not established in the jurisdiction where such Related Entity or branch is 

located, and such Related Entity or branch is not used by the Uzbekistan Financial 

Institution or any other Related Entity to circumvent the obligations under this 

Agreement or under section 1471 of the U.S. Internal Revenue Code, as 

appropriate.

6. Coordination of Timing. Notwithstanding paragraphs 3 and 5 of Article 3 of this 

Agreement:

a) Uzbekistan shall not be obligated to obtain and exchange information with respect 

to a calendar year that is prior to the calendar year with respect to which similar 

information is required to be reported to the IRS by participating FFIs pursuant to 

relevant U.S. Treasury Regulations; and

b) Uzbekistan shall not be obligated to begin exchanging information prior to the 

date by which participating FFIs are required to report similar information to the 

IRS under relevant U.S. Treasury Regulations.

7. Coordination of Definitions with U.S. Treasury Regulations. Notwithstanding Article 1 

of this Agreement and the definitions provided in the Annexes to this Agreement, in implementing 

this Agreement, Uzbekistan may use, and may permit Uzbekistan Financial Institutions to use, a 

definition in relevant U.S. Treasury Regulations in lieu of a corresponding definition in this 

Agreement, provided that such application would not frustrate the purposes of this Agreement.

Article 5

Collaboration on Compliance and Enforcement

1. General Inquiries. Subject to any further terms set forth in a competent authority 

agreement concluded pursuant to paragraph 6 of Article 3 of this Agreement, the U.S. Competent 

Authority may make follow-up requests to the Uzbekistan Competent Authority, pursuant to 

which the Uzbekistan Competent Authority shall obtain and provide additional information with 

respect to a U.S. Reportable Account, including the account statements prepared in the ordinary 

course of a Reporting Uzbekistan Financial Institution’s business that summarize the activity 

(including withdrawals, transfers, and closures) of the U.S. Reportable Account.

2. Minor and Administrative Errors. The U.S. Competent Authority shall notify the 

Uzbekistan Competent Authority when the U.S. Competent Authority has reason to believe that 

administrative errors or other minor errors may have led to incorrect or incomplete information 

reporting or resulted in other infringements of this Agreement. The Uzbekistan Competent 

Authority shall apply its domestic law (including applicable penalties) to obtain corrected and/or 

complete information or to resolve other infringements of this Agreement.

3. Significant Non-Compliance.

a) The U.S. Competent Authority shall notify the Uzbekistan Competent 
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Authority when the U.S. Competent Authority has determined that there is 

significant non-compliance with the obligations under this Agreement with 

respect to a Reporting Uzbekistan Financial Institution. The Uzbekistan

Competent Authority shall apply its domestic law (including applicable 

penalties) to address the significant non-compliance described in the notice.

b) If such enforcement actions do not resolve the non-compliance within a period of 

18 months after notification of significant non-compliance is first provided

by the U.S. Competent Authority, the United States shall treat the Reporting 

Uzbekistan Financial Institution as a Nonparticipating Financial Institution 

pursuant to this subparagraph 3(b).

4. Reliance on Third Party Service Providers. Uzbekistan may allow Reporting Uzbekistan

Financial Institutions to use third party service providers to fulfill the obligations imposed on such 

Reporting Uzbekistan Financial Institutions by Uzbekistan, as contemplated in this Agreement, but 

these obligations shall remain the responsibility of the Reporting Uzbekistan Financial Institutions.

5. Prevention of Avoidance. Uzbekistan shall implement as necessary requirements to prevent 

Financial Institutions from adopting practices intended to circumvent the reporting required under 

this Agreement.

Article 6

Mutual Commitment to Continue to Enhance the Effectiveness of Information

Exchange and Transparency

1. Treatment of Passthru Payments and Gross Proceeds. The Parties are committed to work 

together, along with Partner Jurisdictions, to develop a practical and effective alternative approach to 

achieve the policy objectives of foreign passthru payment and gross proceeds withholding that 

minimizes burden.

2. Documentation of Accounts Maintained as of June 30, 2014. With respect to U.S. 

Reportable Accounts maintained by a Reporting Uzbekistan Financial Institution as of June 30, 

2014, Uzbekistan commits to establish, by January 1, 2017, for reporting with respect to 2017 and 

subsequent years, rules requiring Reporting Uzbekistan Financial Institutions to obtain the U.S. TIN 

of each Specified U.S. Person as required pursuant to subparagraph 2(a) of Article 2 of this 

Agreement.

Article 7

Consistency in the Application of FATCA to Partner Jurisdictions

1. Uzbekistan shall be granted the benefit of any more favorable terms under Article 4 or Annex 

I of this Agreement relating to the application of FATCA to Uzbekistan Financial Institutions 

afforded to another Partner Jurisdiction under a signed bilateral agreement pursuant to which the 

other Partner Jurisdiction commits to undertake the same obligations as Uzbekistan described in 

Articles 2 and 3 of this Agreement, and subject to the same terms and conditions as described therein 

and in Articles 5, 6, 7, 10 and 11 of this Agreement.

2. The United States shall notify Uzbekistan of any such more favorable terms, and such 

more favorable terms shall apply automatically under this Agreement as if such terms were 

specified in this Agreement and effective as of the date of signing of the agreement incorporating 

the more favorable terms, unless Uzbekistan declines in writing the application thereof.
13

Article 8

Mutual Agreement Procedure

1. Where difficulties or doubts arise between the Parties regarding the implementation,

application, or interpretation of this Agreement, the Competent Authorities shall endeavor to 

resolve the matter by mutual agreement.

2. The Competent Authorities may adopt and implement procedures to facilitate the

implementation of this Agreement.

3. The Competent Authorities may communicate with each other directly for purposes

of reaching a mutual agreement under this Article.

Article 9

Confidentiality

1. The Uzbekistan Competent Authority shall treat any information received from the 

United States pursuant to Article 5 of this Agreement as confidential and shall only disclose such 

information as may be necessary to carry out its obligations under this Agreement. Such 

information may be disclosed in connection with court proceedings related to the performance of 

the obligations of Uzbekistan under this Agreement.

2. Information provided to the U.S. Competent Authority pursuant Articles 2 and 5 of this 

Agreement shall be treated as confidential and may be disclosed only to persons or authorities 

(including courts and administrative bodies) of the Government of the United States concerned with 

the assessment, collection, or administration of, the enforcement or prosecution in respect of, or the 

determination of appeals in relation to, U.S. federal taxes, or the oversight of such functions. Such 

persons or authorities shall use such information only for such purposes. Such persons may disclose 

the information in public court proceedings or in judicial decisions. The information may not be 

disclosed to any other person, entity, authority, or jurisdiction. Notwithstanding the foregoing, 

where Uzbekistan provides prior, written consent, the information may be used for purposes 

permitted under the provisions of a mutual legal assistance treaty in force between the Parties that 

allows for the exchange of tax information.

Article 10

Consultations and Amendments

1. In case any difficulties in the implementation of this Agreement arise, either Party may, 

independently of the mutual agreement procedure described in paragraph 1 of Article 8 of this 

Agreement, request consultations to develop appropriate measures to ensure the fulfillment of this 

Agreement.

2. This Agreement may be amended by written mutual agreement of the Parties. Unless

otherwise agreed upon, such an amendment shall enter into force through the same procedures as 

set forth in paragraph 1 of Article 12 of this Agreement.
14

Article 11

Annexes

The Annexes form an integral part of this Agreement.

Article 12

Term of Agreement

1. This Agreement shall enter into force on the date of Uzbekistan’s written notification to the 

United States that Uzbekistan has completed its necessary internal procedures for entry into force 

of this Agreement.

2. Either Party may terminate this Agreement by giving notice of termination in writing to the 

other Party. Such termination shall become effective on the first day of the month following the 

expiration of a period of 12 months after the date of the notice of termination.

3. The Parties shall, prior to December 31, 2016, consult in good faith to amend this 

Agreement as necessary to reflect progress on the commitments set forth in Article 6 of this 

Agreement.

4. If this Agreement is terminated, both Parties shall remain bound by the provisions of 

Article 9 of this Agreement with respect to any information obtained under this Agreement.

In witness whereof, the undersigned, being duly authorized thereto by their respective Governments, 

have signed this Agreement.

Done at Tashkent, this 3rd day of April, 2015 in duplicate in the English language. A Russian 

language text shall be prepared, which shall be considered equally authentic upon an exchange of 

diplomatic notes between the Parties confirming its conformity with the English language text.

FOR THE GOVERNMENT OF FOR THE GOVERNMENT OF THE REPUBLIC 

THE UNITED STATES OF AMERICA: OF UZBEKISTAN:
1

ANNEX I

DUE DILIGENCE OBLIGATIONS FOR IDENTIFYING AND REPORTING ON U.S. 

REPORTABLE ACCOUNTS AND ON PAYMENTS TO CERTAIN NONPARTICIPATING 

FINANCIAL INSTITUTIONS

I. General.

A. Uzbekistan shall require that Reporting Uzbekistan Financial Institutions apply the 

due diligence procedures contained in this Annex I to identify U.S. Reportable Accounts 

and accounts held by Nonparticipating Financial Institutions.

B. For purposes of the Agreement,

1. All dollar amounts are in U.S. dollars and shall be read to include the 

equivalent in other currencies.

2. Except as otherwise provided herein, the balance or value of an account 

shall be determined as of the last day of the calendar year or other appropriate

reporting period.

3. Where a balance or value threshold is to be determined as of June 30,

2014 under this Annex I, the relevant balance or value shall be determined as of 

that day or the last day of the reporting period ending immediately before June 

30, 2014, and where a balance or value threshold is to be determined as of the 

last day of a calendar year under this Annex I, the relevant balance or value shall 

be determined as of the last day of the calendar year or other appropriate 

reporting period.

4. Subject to subparagraph E(1) of section II of this Annex I, an account 

shall be treated as a U.S. Reportable Account beginning as of the date it is 

identified as such pursuant to the due diligence procedures in this Annex I.

5. Unless otherwise provided, information with respect to a U.S. 

Reportable Account shall be reported annually in the calendar year following the 

year to which the information relates.

C. As an alternative to the procedures described in each section of this Annex I, 

Uzbekistan may permit Reporting Uzbekistan Financial Institutions to rely on the 

procedures described in relevant U.S. Treasury Regulations to establish whether an account 

is a U.S. Reportable Account or an account held by a Nonparticipating Financial 

Institution. Uzbekistan may permit Reporting Uzbekistan Financial Institutions to make 

such election separately for each section of this Annex I either with respect to all relevant 

Financial Accounts or, separately, with respect to any clearly identified group of such 

accounts (such as by line of business or the location of where the account is maintained).

II. Preexisting Individual Accounts. The following rules and procedures apply for 

purposes of identifying U.S. Reportable Accounts among Preexisting Accounts held by

individuals (“Preexisting Individual Accounts”).

A. Accounts Not Required to Be Reviewed, Identified, or Reported. Unless the 

Reporting Uzbekistan Financial Institution elects otherwise, either with respect to all 
2

Preexisting Individual Accounts or, separately, with respect to any clearly identified group 

of such accounts, where the implementing rules in Uzbekistan provide for such an election, 

the following Preexisting Individual Accounts are not required to be reviewed, identified, or 

reported as U.S. Reportable Accounts:

1. Subject to subparagraph E(2) of this section, a Preexisting Individual 

Account with a balance or value that does not exceed $50,000 as of June 30, 2014.

2. Subject to subparagraph E(2) of this section, a Preexisting Individual Account 

that is a Cash Value Insurance Contract or an Annuity Contract with a balance or 

value of $250,000 or less as of June 30, 2014.

3. A Preexisting Individual Account that is a Cash Value Insurance Contract or 

an Annuity Contract, provided the law or regulations of Uzbekistan or the United 

States effectively prevent the sale of such a Cash Value Insurance Contract or an 

Annuity Contract to U.S. residents (e.g., if the relevant Financial Institution does not 

have the required registration under U.S. law, and the law of Uzbekistan requires 

reporting or withholding with respect to insurance products held by residents of 

Uzbekistan).

4. A Depository Account with a balance of $50,000 or less.

B. Review Procedures for Preexisting Individual Accounts With a Balance or Value as 

of June 30, 2014, that Exceeds $50,000 ($250,000 for a Cash Value Insurance Contract or 

Annuity Contract), But Does Not Exceed $1,000,000 (“Lower Value Accounts”).

1. Electronic Record Search. The Reporting Uzbekistan Financial

Institution must review electronically searchable data maintained by the Reporting 

Uzbekistan Financial Institution for any of the following U.S. indicia:

a) Identification of the Account Holder as a U.S. citizen or resident;

b) Unambiguous indication of a U.S. place of birth;

c) Current U.S. mailing or residence address (including a U.S. 

post office box);

d) Current U.S. telephone number;

e) Standing instructions to transfer funds to an account maintained in the 

United States;

f) Currently effective power of attorney or signatory authority 

granted to a person with a U.S. address; or

g) An “in-care-of” or “hold mail” address that is the sole address the 

Reporting Uzbekistan Financial Institution has on file for the Account 

Holder. In the case of a Preexisting Individual Account that is a Lower 

Value Account, an “in-care-of” address outside the United States or “hold 

mail” address shall not be treated as U.S. indicia.

2. If none of the U.S. indicia listed in subparagraph B(1) of this section are 
3

discovered in the electronic search, then no further action is required until there is 

a change in circumstances that results in one or more U.S. indicia being associated 

with the account, or the account becomes a High Value Account described in 

paragraph D of this section.

3. If any of the U.S. indicia listed in subparagraph B(1) of this section are 

discovered in the electronic search, or if there is a change in circumstances that 

results in one or more U.S. indicia being associated with the account, then the 

Reporting Uzbekistan Financial Institution must treat the account as a U.S. 

Reportable Account unless it elects to apply subparagraph B(4) of this section and 

one of the exceptions in such subparagraph applies with respect to that account.

4. Notwithstanding a finding of U.S. indicia under subparagraph B(1) of this

section, a Reporting Uzbekistan Financial Institution is not required to treat an 

account as a U.S. Reportable Account if:

a) Where the Account Holder information unambiguously indicates 

a U.S. place of birth, the Reporting Uzbekistan Financial Institution

obtains, or has previously reviewed and maintains a record of:

(1) A self-certification that the Account Holder is neither a 

U.S. citizen nor a U.S. resident for tax purposes (which may be 

on an IRS Form W-8 or other similar agreed form);

(2) A non-U.S. passport or other government-issued 

identification evidencing the Account Holder’s citizenship or 

nationality in a country other than the United States; and

(3) A copy of the Account Holder’s Certificate of Loss of 

Nationality of the United States or a reasonable explanation of:

(a) The reason the Account Holder does not have 

such a certificate despite relinquishing U.S. 

citizenship; or

(b) The reason the Account Holder did not obtain 

U.S. citizenship at birth.

b) Where the Account Holder information contains a current U.S. 

mailing or residence address, or one or more U.S. telephone numbers 

that are the only telephone numbers associated with the account, the 

Reporting Uzbekistan Financial Institution obtains, or has previously 

reviewed and maintains a record of:

(1) A self-certification that the Account Holder is neither a 

U.S. citizen nor a U.S. resident for tax purposes (which may be on 

an IRS Form W-8 or other similar agreed form); and

(2) Documentary evidence, as defined in paragraph D of 

section VI of this Annex I, establishing the Account Holder’s 

non-U.S. status.
4

c) Where the Account Holder information contains standing 

instructions to transfer funds to an account maintained in the United 

States, the Reporting Uzbekistan Financial Institution obtains, or has 

previously reviewed and maintains a record of:

(1) A self-certification that the Account Holder is neither a 

U.S. citizen nor a U.S. resident for tax purposes (which may be on 

an IRS Form W-8 or other similar agreed form); and

(2) Documentary evidence, as defined in paragraph D of 

section VI of this Annex I, establishing the Account Holder’s 

non-U.S. status.

d) Where the Account Holder information contains a currently 

effective power of attorney or signatory authority granted to a person 

with a U.S. address, has an “in-care-of address or “hold mail” address 

that is the sole address identified for the Account Holder, or has one or 

more U.S. telephone numbers (if a non-U.S. telephone number is also 

associated with the account), the Reporting Uzbekistan Financial 

Institution obtains, or has previously reviewed and maintains a record of:

(1) A self-certification that the Account Holder is neither a 

U.S. citizen nor a U.S. resident for tax purposes (which may be on 

an IRS Form W-8 or other similar agreed form); or

(2) Documentary evidence, as defined in paragraph D of 

section VI of this Annex I, establishing the Account Holder’s 

non-U.S. status.

C. Additional Procedures Applicable to Preexisting Individual Accounts That 

Are Lower Value Accounts.

1. Review of Preexisting Individual Accounts that are Lower Value 

Accounts for U.S. indicia must be completed by June 30, 2016.

2. If there is a change of circumstances with respect to a Preexisting 

Individual Account that is a Lower Value Account that results in one or more U.S. 

indicia described in subparagraph B(1) of this section being associated with the 

account, then the Reporting Uzbekistan Financial Institution must treat the account 

as a U.S. Reportable Account unless subparagraph B(4) of this section applies.

3. Except for Depository Accounts described in subparagraph A(4) of this 

section, any Preexisting Individual Account that has been identified as a U.S. 

Reportable Account under this section shall be treated as a U.S. Reportable 

Account in all subsequent years, unless the Account Holder ceases to be a 

Specified U.S. Person.

D. Enhanced Review Procedures for Preexisting Individual Accounts With a Balance 

or Value That Exceeds $1,000,000 as of June 30, 2014, or December 31 of 2015 or Any 

Subsequent Year (“High Value Accounts”).

1. Electronic Record Search. The Reporting Uzbekistan Financial Institution
5

must review electronically searchable data maintained by the Reporting Uzbekistan

Financial Institution for any of the U.S. indicia described in subparagraph B(1) of 

this section.

2. Paper Record Search. If the Reporting Uzbekistan Financial Institution’s 

electronically searchable databases include fields for, and capture all of the 

information described in, subparagraph D(3) of this section, then no further paper 

record search is required. If the electronic databases do not capture all of this 

information, then with respect to a High Value Account, the Reporting Uzbekistan

Financial Institution must also review the current customer master file and, to the 

extent not contained in the current customer master file, the following documents 

associated with the account and obtained by the Reporting Uzbekistan Financial 

Institution within the last five years for any of the U.S. indicia described in 

subparagraph B(1) of this section:

a) The most recent documentary evidence collected with respect to 

the account;

b) The most recent account opening contract or documentation;

c) The most recent documentation obtained by the Reporting 

Uzbekistan Financial Institution pursuant to AML/KYC Procedures or 

for other regulatory purposes;

d) Any power of attorney or signature authority forms currently in

effect; and

e) Any standing instructions to transfer funds currently in effect.

3. Exception Where Databases Contain Sufficient Information. A Reporting 

Uzbekistan Financial Institution is not required to perform the paper record search 

described in subparagraph D(2) of this section if the Reporting Uzbekistan Financial 

Institution’s electronically searchable information includes the following:

a) The Account Holder’s nationality or residence status;

b) The Account Holder’s residence address and mailing address 

currently on file with the Reporting Uzbekistan Financial Institution;

c) The Account Holder’s telephone number(s) currently on file, if 

any, with the Reporting Uzbekistan Financial Institution;

d) Whether there are standing instructions to transfer funds in the 

account to another account (including an account at another branch of the 

Reporting Uzbekistan Financial Institution or another Financial 

Institution);

e) Whether there is a current “in-care-of” address or “hold mail” 

address for the Account Holder; and

f) Whether there is any power of attorney or signatory authority for 

the account.
6

4. Relationship Manager Inquiry for Actual Knowledge. In addition to the 

electronic and paper record searches described above, the Reporting Uzbekistan

Financial Institution must treat as a U.S. Reportable Account any High Value 

Account assigned to a relationship manager (including any Financial Accounts 

aggregated with such High Value Account) if the relationship manager has actual 

knowledge that the Account Holder is a Specified U.S. Person.

5. Effect of Finding U.S. Indicia.

a) If none of the U.S. indicia listed in subparagraph B(1) of this 

section are discovered in the enhanced review of High Value Accounts 

described above, and the account is not identified as held by a Specified 

U.S. Person in subparagraph D(4) of this section, then no further action is 

required until there is a change in circumstances that results in one or 

more U.S. indicia being associated with the account.

b) If any of the U.S. indicia listed in subparagraph B(1) of this 

section are discovered in the enhanced review of High Value Accounts 

described above, or if there is a subsequent change in circumstances that 

results in one or more U.S. indicia being associated with the account, then 

the Reporting Uzbekistan Financial Institution must treat the account as a 

U.S. Reportable Account unless it elects to apply subparagraph B(4) of 

this section and one of the exceptions in such subparagraph applies with 

respect to that account.

c) Except for Depository Accounts described in subparagraph A(4) of 

this section, any Preexisting Individual Account that has been identified as a 

U.S. Reportable Account under this section shall be treated as a U.S. 

Reportable Account in all subsequent years, unless the Account Holder 

ceases to be a Specified U.S. Person.

E. Additional Procedures Applicable to High Value Accounts.

1. If a Preexisting Individual Account is a High Value Account as of June 30, 

2014, the Reporting Uzbekistan Financial Institution must complete the enhanced 

review procedures described in paragraph D of this section with respect to such 

account by June 30, 2015. If based on this review such account is identified as a U.S. 

Reportable Account on or before December 31, 2014, the Reporting Uzbekistan

Financial Institution must report the required information about such account with 

respect to 2014 in the first report on the account and on an annual basis thereafter. In 

the case of an account identified as a U.S. Reportable Account after December 31, 

2014 and on or before June 30, 2015, the Reporting Uzbekistan Financial Institution

is not required to report information about such account with respect to 2014, but 

must report information about the account on an annual basis thereafter.

2. If a Preexisting Individual Account is not a High Value Account as of June 

30, 2014, but becomes a High Value Account as of the last day of 2015 or any 

subsequent calendar year, the Reporting Uzbekistan Financial Institution must 

complete the enhanced review procedures described in paragraph D of this section 

with respect to such account within six months after the last day of the calendar year 

in which the account becomes a High Value Account. If based on this review such 
7

account is identified as a U.S. Reportable Account, the Reporting Uzbekistan

Financial Institution must report the required information about such account with 

respect to the year in which it is identified as a U.S. Reportable Account and 

subsequent years on an annual basis, unless the Account Holder ceases to be a 

Specified U.S. Person.

3. Once a Reporting Uzbekistan Financial Institution applies the enhanced 

review procedures described in paragraph D of this section to a High Value Account, 

the Reporting Uzbekistan Financial Institution is not required to re-apply such 

procedures, other than the relationship manager inquiry described in subparagraph 

D(4) of this section, to the same High Value Account in any subsequent year.

4. If there is a change of circumstances with respect to a High Value Account 

that results in one or more U.S. indicia described in subparagraph B(1) of this section 

being associated with the account, then the Reporting Uzbekistan Financial 

Institution must treat the account as a U.S. Reportable Account unless it elects to 

apply subparagraph B(4) of this section and one of the exceptions in such 

subparagraph applies with respect to that account.

5. A Reporting Uzbekistan Financial Institution must implement procedures 

to ensure that a relationship manager identifies any change in circumstances of an 

account. For example, if a relationship manager is notified that the Account 

Holder has a new mailing address in the United States, the Reporting Uzbekistan

Financial Institution is required to treat the new address as a change in 

circumstances and, if it elects to apply subparagraph B(4) of this section, is 

required to obtain the appropriate documentation from the Account Holder.

F. Preexisting Individual Accounts That Have Been Documented for Certain Other

Purposes. A Reporting Uzbekistan Financial Institution that has previously obtained 

documentation from an Account Holder to establish the Account Holder’s status as 

neither a U.S. citizen nor a U.S. resident in order to meet its obligations under a qualified 

intermediary, withholding foreign partnership, or withholding foreign trust agreement 

with the IRS, or to fulfill its obligations under chapter 61 of Title 26 of the United States 

Code, is not required to perform the procedures described in subparagraph B(1) of this 

section with respect to Lower Value Accounts or subparagraphs D(1) through D(3) of this 

section with respect to High Value Accounts.

III. New Individual Accounts. The following rules and procedures apply for purposes of 

identifying U.S. Reportable Accounts among Financial Accounts held by individuals and opened 

on or after July 1, 2014 (“New Individual Accounts”).

A. Accounts Not Required to Be Reviewed, Identified, or Reported. Unless the 

Reporting Uzbekistan Financial Institution elects otherwise, either with respect to all New 

Individual Accounts or, separately, with respect to any clearly identified group of such 

accounts, where the implementing rules in Uzbekistan provide for such an election, the 

following New Individual Accounts are not required to be reviewed, identified, or 

reported as U.S. Reportable Accounts:

1. A Depository Account unless the account balance exceeds $50,000 at the 

end of any calendar year or other appropriate reporting period.
8

2. A Cash Value Insurance Contract unless the Cash Value exceeds $50,000 

at the end of any calendar year or other appropriate reporting period.

B. Other New Individual Accounts. With respect to New Individual Accounts not 

described in paragraph A of this section, upon account opening (or within 90 days after 

the end of the calendar year in which the account ceases to be described in paragraph A of 

this section), the Reporting Uzbekistan Financial Institution must obtain a selfcertification, which may be part of the account opening documentation, that allows the 

Reporting Uzbekistan Financial Institution to determine whether the Account Holder is 

resident in the United States for tax purposes (for this purpose, a U.S. citizen is considered 

to be resident in the United States for tax purposes, even if the Account Holder is also a 

tax resident of another jurisdiction) and confirm the reasonableness of such selfcertification based on the information obtained by the Reporting Uzbekistan Financial 

Institution in connection with the opening of the account, including any documentation 

collected pursuant to AML/KYC Procedures.

1. If the self-certification establishes that the Account Holder is resident in the 

United States for tax purposes, the Reporting Uzbekistan Financial Institution must 

treat the account as a U.S. Reportable Account and obtain a self-certification that 

includes the Account Holder’s U.S. TIN (which may be an IRS Form W-9 or other 

similar agreed form).

2. If there is a change of circumstances with respect to a New Individual 

Account that causes the Reporting Uzbekistan Financial Institution to know, or have 

reason to know, that the original self-certification is incorrect or unreliable, the 

Reporting Uzbekistan Financial Institution cannot rely on the original selfcertification and must obtain a valid self-certification that establishes whether the 

Account Holder is a U.S. citizen or resident for U.S. tax purposes. If the Reporting 

Uzbekistan Financial Institution is unable to obtain a valid self-certification, the 

Reporting Uzbekistan Financial Institution must treat the account as a U.S. 

Reportable Account.

IV. Preexisting Entity Accounts. The following rules and procedures apply for purposes of 

identifying U.S. Reportable Accounts and accounts held by Nonparticipating Financial Institutions 

among Preexisting Accounts held by Entities (“Preexisting Entity Accounts”).

A. Entity Accounts Not Required to Be Reviewed, Identified or Reported.

Unless the Reporting Uzbekistan Financial Institution elects otherwise, either with respect 

to all Preexisting Entity Accounts or, separately, with respect to any clearly identified 

group of such accounts, where the implementing rules in Uzbekistan provide for such an 

election, a Preexisting Entity Account with an account balance or value that does not 

exceed $250,000 as of June 30, 2014, is not required to be reviewed, identified, or reported 

as a U.S. Reportable Account until the account balance or value exceeds $1,000,000.

B. Entity Accounts Subject to Review. A Preexisting Entity Account that has an account 

balance or value that exceeds $250,000 as of June 30, 2014, and a Preexisting Entity Account 

that does not exceed $250,000 as of June 30, 2014 but the account balance or value of which 

exceeds $1,000,000 as of the last day of 2015 or any subsequent calendar year, must be 

reviewed in accordance with the procedures set forth in paragraph D of this section.

C. Entity Accounts With Respect to Which Reporting Is Required. With respect to 
9

Preexisting Entity Accounts described in paragraph B of this section, only accounts that are 

held by one or more Entities that are Specified U.S. Persons, or by Passive NFFEs with one 

or more Controlling Persons who are U.S. citizens or residents, shall be treated as U.S. 

Reportable Accounts. In addition, accounts held by Nonparticipating Financial Institutions 

shall be treated as accounts for which aggregate payments as described in subparagraph 1(b) 

of Article 4 of the Agreement are reported to the Uzbekistan Competent Authority.

D. Review Procedures for Identifying Entity Accounts With Respect to Which 

Reporting Is Required. For Preexisting Entity Accounts described in paragraph B of this 

section, the Reporting Uzbekistan Financial Institution must apply the following review 

procedures to determine whether the account is held by one or more Specified U.S. Persons, 

by Passive NFFEs with one or more Controlling Persons who are U.S. citizens or residents, 

or by Nonparticipating Financial Institutions:

1. Determine Whether the Entity Is a Specified U.S. Person.

a) Review information maintained for regulatory or customer 

relationship purposes (including information collected pursuant to 

AML/KYC Procedures) to determine whether the information indicates 

that the Account Holder is a U.S. Person. For this purpose, information 

indicating that the Account Holder is a U.S. Person includes a U.S. place 

of incorporation or organization, or a U.S. address.

b) If the information indicates that the Account Holder is a U.S. 

Person, the Reporting Uzbekistan Financial Institution must treat the 

account as a U.S. Reportable Account unless it obtains a self-certification

from the Account Holder (which may be on an IRS Form W-8 or W-9, or 

a similar agreed form), or reasonably determines based on information in 

its possession or that is publicly available, that the Account Holder is not a 

Specified U.S. Person.

2. Determine Whether a Non-U.S. Entity Is a Financial Institution.

a) Review information maintained for regulatory or customer 

relationship purposes (including information collected pursuant to 

AML/KYC Procedures) to determine whether the information 

indicates that the Account Holder is a Financial Institution.

b) If the information indicates that the Account Holder is a Financial 

Institution, or the Reporting Uzbekistan Financial Institution verifies the 

Account Holder’s Global Intermediary Identification Number on the 

published IRS FFI list, then the account is not a U.S. Reportable Account.

3. Determine Whether a Financial Institution Is a 

Nonparticipating Financial Institution Payments to Which Are Subject to 

Aggregate Reporting Under Subparagraph 1(b) of Article 4 of the Agreement.

a) Subject to subparagraph D(3)(b) of this section, a Reporting 

Uzbekistan Financial Institution may determine that the Account Holder is 

an Uzbekistan Financial Institution or other Partner Jurisdiction Financial 

Institution if the Reporting Uzbekistan Financial Institution reasonably 

determines that the Account Holder has such status on the basis of the 
10

Account Holder’s Global Intermediary Identification Number on the 

published IRS FFI list or other information that is publicly available or in 

the possession of the Reporting Uzbekistan Financial Institution, as 

applicable. In such case, no further review, identification, or reporting is 

required with respect to the account.

b) If the Account Holder is an Uzbekistan Financial Institution or 

other Partner Jurisdiction Financial Institution treated by the IRS as a 

Nonparticipating Financial Institution, then the account is not a U.S. 

Reportable Account, but payments to the Account Holder must be reported 

as contemplated in subparagraph 1(b) of Article 4 of the Agreement.

c) If the Account Holder is not a Uzbekistan Financial Institution or 

other Partner Jurisdiction Financial Institution, then the Reporting 

Uzbekistan Financial Institution must treat the Account Holder as a 

Nonparticipating Financial Institution payments to which are reportable 

under subparagraph 1(b) of Article 4 of the Agreement, unless the 

Reporting Uzbekistan Financial Institution:

(1) Obtains a self-certification (which may be on an IRS Form W-8 

or similar agreed form) from the Account Holder that it is a certified 

deemed-compliant FFI, or an exempt beneficial owner, as those terms are 

defined in relevant U.S. Treasury Regulations; or

(2) In the case of a participating FFI or registered deemedcompliant FFI, verifies the Account Holder’s Global Intermediary 

Identification Number on the published IRS FFI list.

4. Determine Whether an Account Held by an NFFE Is a U.S. Reportable 

Account. With respect to an Account Holder of a Preexisting Entity Account that 

is not identified as either a U.S. Person or a Financial Institution, the Reporting 

Uzbekistan Financial Institution must identify (i) whether the Account Holder 

has Controlling Persons, (ii) whether the Account Holder is a Passive NFFE, and 

(iii) whether any of the Controlling Persons of the Account Holder is a U.S. 

citizen or resident. In making these determinations the Reporting Uzbekistan

Financial Institution must follow the guidance in subparagraphs D(4)(a) through 

D(4)(d) of this section in the order most appropriate under the circumstances.

a) For purposes of determining the Controlling Persons of an 

Account Holder, a Reporting Uzbekistan Financial Institution may rely on 

information collected and maintained pursuant to AML/KYC Procedures.

b) For purposes of determining whether the Account Holder is a

Passive NFFE, the Reporting Uzbekistan Financial Institution must obtain 

a self-certification (which may be on an IRS Form W-8 or W-9, or on a 

similar agreed form) from the Account Holder to establish its status, unless 

it has information in its possession or that is publicly available, based on 

which it can reasonably determine that the Account Holder is an Active 

NFFE.

c) For purposes of determining whether a Controlling Person of a
11

Passive NFFE is a U.S. citizen or resident for tax purposes, a Reporting 

Uzbekistan Financial Institution may rely on:

(1) Information collected and maintained pursuant to AML/KYC 

Procedures in the case of a Preexisting Entity Account held by 

one or more NFFEs with an account balance or value that does not 

exceed $1,000,000; or

(2) A self-certification (which may be on an IRS Form W-8 or W9, or on a similar agreed form) from the Account Holder or such 

Controlling Person in the case of a Preexisting Entity Account 

held by one or more NFFEs with an account balance or value that 

exceeds $1,000,000.

d) If any Controlling Person of a Passive NFFE is a U.S. citizen or 

resident, the account shall be treated as a U.S. Reportable Account.

E. Timing of Review and Additional Procedures Applicable to Preexisting Entity 

Accounts.

1. Review of Preexisting Entity Accounts with an account balance or value 

that exceeds $250,000 as of June 30, 2014 must be completed by June 30, 2016.

2. Review of Preexisting Entity Accounts with an account balance or value 

that does not exceed $250,000 as of June 30, 2014, but exceeds $1,000,000 as of 

December 31 of 2015 or any subsequent year, must be completed within six 

months after the last day of the calendar year in which the account balance or 

value exceeds $1,000,000.

3. If there is a change of circumstances with respect to a Preexisting Entity 

Account that causes the Reporting Uzbekistan Financial Institution to know, or 

have reason to know, that the self-certification or other documentation associated 

with an account is incorrect or unreliable, the Reporting Uzbekistan Financial 

Institution must redetermine the status of the account in accordance with the 

procedures set forth in paragraph D of this section.

V. New Entity Accounts. The following rules and procedures apply for purposes of 

identifying U.S. Reportable Accounts and accounts held by Nonparticipating Financial 

Institutions among Financial Accounts held by Entities and opened on or after July 1, 2014 

(“New Entity Accounts”).

A. Entity Accounts Not Required to Be Reviewed, Identified or Reported.

Unless the Reporting Uzbekistan Financial Institution elects otherwise, either with respect 

to all New Entity Accounts or, separately, with respect to any clearly identified group of 

such accounts, where the implementing rules in Uzbekistan provide for such election, a 

credit card account or a revolving credit facility treated as a New Entity Account is not 

required to be reviewed, identified, or reported, provided that the Reporting Uzbekistan

Financial Institution maintaining such account implements policies and procedures to 

prevent an account balance owed to the Account Holder that exceeds $50,000.

B. Other New Entity Accounts. With respect to New Entity Accounts not described in 

paragraph A of this section, the Reporting Uzbekistan Financial Institution must determine 
12

whether the Account Holder is: (i) a Specified U.S. Person; (ii) an Uzbekistan Financial 

Institution or other Partner Jurisdiction Financial Institution; (iii) a participating FFI, a 

deemed-compliant FFI, or an exempt beneficial owner, as those terms are defined in 

relevant U.S. Treasury Regulations; or (iv) an Active NFFE or Passive NFFE.

1. Subject to subparagraph B(2) of this section, a Reporting Uzbekistan

Financial Institution may determine that the Account Holder is an Active NFFE, 

an Uzbekistan Financial Institution, or other Partner Jurisdiction Financial 

Institution if the Reporting Uzbekistan Financial Institution reasonably 

determines that the Account Holder has such status on the basis of the Account 

Holder’s Global Intermediary Identification Number or other information that is 

publicly available or in the possession of the Reporting Uzbekistan Financial 

Institution, as applicable.

2. If the Account Holder is an Uzbekistan Financial Institution or other 

Partner Jurisdiction Financial Institution treated by the IRS as a Nonparticipating 

Financial Institution, then the account is not a U.S. Reportable Account, but 

payments to the Account Holder must be reported as contemplated in 

subparagraph 1(b) of Article 4 of the Agreement.

3. In all other cases, a Reporting Uzbekistan Financial Institution must 

obtain a self-certification from the Account Holder to establish the Account 

Holder’s status. Based on the self-certification, the following rules apply:

a) If the Account Holder is a Specified U.S. Person, the Reporting 

Uzbekistan Financial Institution must treat the account as a U.S. 

Reportable Account.

b) If the Account Holder is a Passive NFFE, the Reporting 

Uzbekistan Financial Institution must identify the Controlling Persons as 

determined under AML/KYC Procedures, and must determine whether any 

such person is a U.S. citizen or resident on the basis of a self-certification 

from the Account Holder or such person. If any such person is a U.S. 

citizen or resident, the Reporting Uzbekistan Financial Institution must 

treat the account as a U.S. Reportable Account.

c) If the Account Holder is: (i) a U.S. Person that is not a Specified 

U.S. Person; (ii) subject to subparagraph B(3)(d) of this section, an

Uzbekistan Financial Institution or other Partner Jurisdiction Financial 

Institution; (iii) a participating FFI, a deemed- compliant FFI, or an 

exempt beneficial owner, as those terms are defined in relevant U.S. 

Treasury Regulations; (iv) an Active NFFE; or (v) a Passive NFFE none 

of the Controlling Persons of which is a U.S. citizen or resident, then the 

account is not a U.S. Reportable Account, and no reporting is required 

with respect to the account.

d) If the Account Holder is a Nonparticipating Financial Institution 

(including an Uzbekistan Financial Institution or other Partner 

Jurisdiction Financial Institution treated by the IRS as a Nonparticipating 

Financial Institution), then the account is not a U.S. Reportable Account, 

but payments to the Account Holder must be reported as contemplated in 
13

subparagraph 1(b) of Article 4 of the Agreement.

VI. Special Rules and Definitions. The following additional rules and definitions apply in 

implementing the due diligence procedures described above:

A. Reliance on Self-Certifications and Documentary Evidence. A Reporting 

Uzbekistan Financial Institution may not rely on a self-certification or documentary 

evidence if the Reporting Uzbekistan Financial Institution knows or has reason to know 

that the self-certification or documentary evidence is incorrect or unreliable.

B. Definitions. The following definitions apply for purposes of this Annex I.

1. AML/KYC Procedures. “AML/KYC Procedures” means the customer 

due diligence procedures of a Reporting Uzbekistan Financial Institution pursuant 

to the anti-money laundering or similar requirements of Uzbekistan to which such 

Reporting Uzbekistan Financial Institution is subject.

2. NFFE. An “NFFE” means any Non-U.S. Entity that is not an FFI as 

defined in relevant U.S. Treasury Regulations or is an Entity described in 

subparagraph B(4)(j) of this section, and also includes any Non-U.S. Entity that is 

established in Uzbekistan or another Partner Jurisdiction and that is not a 

Financial Institution.

3. Passive NFFE. A “Passive NFFE” means any NFFE that is not (i) an 

Active NFFE, or (ii) a withholding foreign partnership or withholding foreign 

trust pursuant to relevant U.S. Treasury Regulations.

4. Active NFFE. An “Active NFFE” means any NFFE that meets any of the 

following criteria:

a) Less than 50 percent of the NFFE’s gross income for the 

preceding calendar year or other appropriate reporting period is passive 

income and less than 50 percent of the assets held by the NFFE during the 

preceding calendar year or other appropriate reporting period are assets 

that produce or are held for the production of passive income;

b) The stock of the NFFE is regularly traded on an established 

securities market or the NFFE is a Related Entity of an Entity the stock of 

which is regularly traded on an established securities market;

c) The NFFE is organized in a U.S. Territory and all of the owners 

of the payee are bona fide residents of that U.S. Territory;

d) The NFFE is a government (other than the U.S. government), a 

political subdivision of such government (which, for the avoidance of 

doubt, includes a state, province, county, or municipality), or a public 

body performing a function of such government or a political subdivision 

thereof, a government of a U.S. Territory, an international organization, a 

non-U.S. central bank of issue, or an Entity wholly owned by one or more 

of the foregoing;

e) Substantially all of the activities of the NFFE consist of holding 
14

(in whole or in part) the outstanding stock of, or providing financing and 

services to, one or more subsidiaries that engage in trades or businesses 

other than the business of a Financial Institution, except that an entity 

shall not qualify for NFFE status if the entity functions (or holds itself 

out) as an investment fund, such as a private equity fund, venture capital 

fund, leveraged buyout fund, or any investment vehicle whose purpose is 

to acquire or fund companies and then hold interests in those companies as 

capital assets for investment purposes;

f) The NFFE is not yet operating a business and has no prior 

operating history, but is investing capital into assets with the intent to 

operate a business other than that of a Financial Institution, provided that 

the NFFE shall not qualify for this exception after the date that is 24 

months after the date of the initial organization of the NFFE;

g) The NFFE was not a Financial Institution in the past five years, 

and is in the process of liquidating its assets or is reorganizing with the 

intent to continue or recommence operations in a business other than that 

of a Financial Institution;

h) The NFFE primarily engages in financing and hedging 

transactions with, or for, Related Entities that are not Financial 

Institutions, and does not provide financing or hedging services to any 

Entity that is not a Related Entity, provided that the group of any such 

Related Entities is primarily engaged in a business other than that of a 

Financial Institution;

i) The NFFE is an “excepted NFFE” as described in relevant U.S.

Treasury Regulations; or

j) The NFFE meets all of the following requirements:

i. It is established and operated in its jurisdiction of 

residence exclusively for religious, charitable, scientific, 

artistic, cultural, athletic, or educational purposes; or it is 

established and operated in its jurisdiction of residence and it 

is a professional organization, business league, chamber of 

commerce, labor organization, agricultural or horticultural 

organization, civic league or an organization operated 

exclusively for the promotion of social welfare;

ii. It is exempt from income tax in its jurisdiction of residence;

iii. It has no shareholders or members who have a proprietary 

or beneficial interest in its income or assets;

iv. The applicable laws of the NFFE’s jurisdiction of 

residence or the NFFE’s formation documents do not permit 

any income or assets of the NFFE to be distributed to, or 

applied for the benefit of, a private person or non-charitable 

Entity other than pursuant to the conduct of the NFFE’s 

charitable activities, or as payment of reasonable 

compensation for services rendered, or as payment 
15

representing the fair market value of property which the 

NFFE has purchased; and

v. The applicable laws of the NFFE’s jurisdiction of 

residence or the NFFE’s formation documents require that, 

upon the NFFE’s liquidation or dissolution, all of its assets be 

distributed to a governmental entity or other non-profit 

organization, or escheat to the government of the NFFE’s 

jurisdiction of residence or any political subdivision thereof.

5. Preexisting Account. A “Preexisting Account” means a Financial Account 

maintained by a Reporting Uzbekistan Financial Institution as of June 30, 2014.

C. Account Balance Aggregation and Currency Translation Rules.

1. Aggregation of Individual Accounts. For purposes of determining the aggregate 

balance or value of Financial Accounts held by an individual, a Reporting Uzbekistan

Financial Institution is required to aggregate all Financial Accounts maintained by the 

Reporting Uzbekistan Financial Institution, or by a Related Entity, but only to the extent 

that the Reporting Uzbekistan Financial Institution’s computerized systems link the 

Financial Accounts by reference to a data element such as client number or taxpayer 

identification number, and allow account balances or values to be aggregated. Each holder 

of a jointly held Financial Account shall be attributed the entire balance or value of the 

jointly held Financial Account for purposes of applying the aggregation requirements 

described in this paragraph 1.

2. Aggregation of Entity Accounts. For purposes of determining the

aggregate balance or value of Financial Accounts held by an Entity, a Reporting 

Uzbekistan Financial Institution is required to take into account all Financial 

Accounts that are maintained by the Reporting Uzbekistan Financial Institution, or by 

a Related Entity, but only to the extent that the Reporting Uzbekistan Financial 

Institution’s computerized systems link the Financial Accounts by reference to a data 

element such as client number or taxpayer identification number, and allow account 

balances or values to be aggregated.

3. Special Aggregation Rule Applicable to Relationship Managers.

For purposes of determining the aggregate balance or value of Financial Accounts 

held by a person to determine whether a Financial Account is a High Value Account, 

a Reporting Uzbekistan Financial Institution is also required, in the case of any 

Financial Accounts that a relationship manager knows, or has reason to know, are 

directly or indirectly owned, controlled, or established (other than in a fiduciary 

capacity) by the same person, to aggregate all such accounts.

4. Currency Translation Rule. For purposes of determining the balance or value 

of Financial Accounts denominated in a currency other than the U.S. dollar, a 

Reporting Uzbekistan Financial Institution must convert the U.S. dollar threshold 

amounts described in this Annex I into such currency using a published spot rate 

determined as of the last day of the calendar year preceding the year in which the 

Reporting Uzbekistan Financial Institution is determining the balance or value.

D. Documentary Evidence. For purposes of this Annex I, acceptable 

documentary evidence includes any of the following:
16

1. A certificate of residence issued by an authorized government body (for 

example, a government or agency thereof, or a municipality) of the jurisdiction 

in which the payee claims to be a resident.

2. With respect to an individual, any valid identification issued by an authorized 

government body (for example, a government or agency thereof, or a municipality), 

that includes the individual’s name and is typically used for identification purposes.

3. With respect to an Entity, any official documentation issued by an authorized 

government body (for example, a government or agency thereof, or a municipality) 

that includes the name of the Entity and either the address of its principal office in the 

jurisdiction (or U.S. Territory) in which it claims to be a resident or the jurisdiction 

(or U.S. Territory) in which the Entity was incorporated or organized.

4. With respect to a Financial Account maintained in a jurisdiction with antimoney laundering rules that have been approved by the IRS in connection with a QI 

agreement (as described in relevant U.S. Treasury Regulations), any of the 

documents, other than a Form W-8 or W-9, referenced in the jurisdiction’s 

attachment to the QI agreement for identifying individuals or

Entities.

5. Any financial statement, third-party credit report, bankruptcy filing, or

U.S. Securities and Exchange Commission report.

E. Alternative Procedures for Financial Accounts Held by Individual Beneficiaries of 

a Cash Value Insurance Contract. A Reporting Uzbekistan Financial Institution may 

presume that an individual beneficiary (other than the owner) of a Cash Value Insurance 

Contract receiving a death benefit is not a Specified U.S. Person and may treat such 

Financial Account as other than a U.S. Reportable Account unless the Reporting 

Uzbekistan Financial Institution has actual knowledge, or reason to know, that the 

beneficiary is a Specified U.S. Person. A Reporting Uzbekistan Financial Institution has 

reason to know that a beneficiary of a Cash Value Insurance Contract is a Specified U.S. 

Person if the information collected by the Reporting Uzbekistan Financial Institution and 

associated with the beneficiary contains U.S. indicia as described in subparagraph (B)(1) 

of section II of this Annex I. If a Reporting Uzbekistan Financial Institution has actual 

knowledge, or reason to know, that the beneficiary is a Specified U.S. Person, the 

Reporting Uzbekistan Financial Institution must follow the procedures in subparagraph 

B(3) of section II of this Annex I.

F. Reliance on Third Parties. Regardless of whether an election is made under 

paragraph C of section I of this Annex I, Uzbekistan may permit Reporting Uzbekistan

Financial Institutions to rely on due diligence procedures performed by third parties, to the 

extent provided in relevant U.S. Treasury Regulations.

G. Alternative Procedures for New Accounts Opened Prior to Entry Into 

Force of this Agreement.

1. Applicability. If Uzbekistan has provided a written notice to the 

United States prior to entry into force of this Agreement that, as of July 1, 

2014, Uzbekistan lacked the legal authority to require Reporting Uzbekistan 

Financial Institutions either: (i) to require Account Holders of New Individual 

Accounts to provide the self-certification specified in section III of this Annex 
17

I, or (ii) to perform all the due diligence procedures related to New Entity 

Accounts specified in section V of this Annex I, then Reporting Uzbekistan 

Financial Institutions may apply the alternative procedures described in 

subparagraph G(2) of this section, as applicable, to such New Accounts, in 

lieu of the procedures otherwise required under this Annex I. The alternative 

procedures described in subparagraph G(2) of this section shall be available 

only for those New Individual Accounts or New Entity Accounts, as 

applicable, opened prior to the earlier of: (i) the date Uzbekistan has the ability 

to compel Reporting Uzbekistan Financial Institutions to comply with the due 

diligence procedures described in section III or section V of this Annex I, as 

applicable, which date Uzbekistan shall inform the United States of in writing 

by the date of entry into force of this Agreement, or (ii) the date of entry into 

force of this Agreement. If the alternative procedures for New Entity 

Accounts opened on or after July 1, 2014, and before January 1, 2015, 

described in paragraph H of this section are applied with respect to all New 

Entity Accounts or a clearly identified group of such accounts, the alternative 

procedures described in this paragraph G may not be applied with respect to 

such New Entity Accounts. For all other New Accounts, Reporting 

Uzbekistan Financial Institutions must apply the due diligence procedures 

described in section III or section V of this Annex I, as applicable, to 

determine if the account is a U.S. Reportable Account or an account held by a 

Nonparticipating Financial Institution.

2. Alternative Procedures. 

a) Within one year after the date of entry into force of this 

Agreement, Reporting Uzbekistan Financial Institutions must: (i) with 

respect to a New Individual Account described in subparagraph G(1) 

of this section, request the self-certification specified in section III of 

this Annex I and confirm the reasonableness of such self-certification 

consistent with the procedures described in section III of this Annex I, 

and (ii) with respect to a New Entity Account described in 

subparagraph G(1) of this section, perform the due diligence 

procedures specified in section V of this Annex I and request 

information as necessary to document the account, including any selfcertification, required by section V of this Annex I. 

b) Uzbekistan must report on any New Account that is identified 

pursuant to subparagraph G(2)(a) of this section as a U.S. Reportable 

Account or as an account held by a Nonparticipating Financial 

Institution, as applicable, by the date that is the later of: (i) September 

30 next following the date that the account is identified as a U.S. 

Reportable Account or as an account held by a Nonparticipating 

Financial Institution, as applicable, or (ii) 90 days after the account is 

identified as a U.S. Reportable Account or as an account held by a 

Nonparticipating Financial Institution, as applicable. The information 

required to be reported with respect to such a New Account is any 

information that would have been reportable under this Agreement if 

the New Account had been identified as a U.S. Reportable Account or 
18

as an account held by a Nonparticipating Financial Institution, as 

applicable, as of the date the account was opened.

c) By the date that is one year after the date of entry into force of 

this Agreement, Reporting Uzbekistan Financial Institutions must close 

any New Account described in subparagraph G(1) of this section for 

which it was unable to collect the required self-certification or other 

documentation pursuant to the procedures described in subparagraph 

G(2)(a) of this section. In addition, by the date that is one year after 

the date of entry into force of this Agreement, Reporting Uzbekistan 

Financial Institutions must: (i) with respect to such closed accounts 

that prior to such closure were New Individual Accounts (without 

regard to whether such accounts were High Value Accounts), perform 

the due diligence procedures specified in paragraph D of section II of 

this Annex I, or (ii) with respect to such closed accounts that prior to 

such closure were New Entity Accounts, perform the due diligence 

procedures specified in section IV of this Annex I.

d) Uzbekistan must report on any closed account that is identified 

pursuant to subparagraph G(2)(c) of this section as a U.S. Reportable 

Account or as an account held by a Nonparticipating Financial 

Institution, as applicable, by the date that is the later of: (i) September 

30 next following the date that the account is identified as a U.S. 

Reportable Account or as an account held by a Nonparticipating 

Financial Institution, as applicable, or (ii) 90 days after the account is 

identified as a U.S. Reportable Account or as an account held by a 

Nonparticipating Financial Institution, as applicable. The information 

required to be reported for such a closed account is any information 

that would have been reportable under this Agreement if the account 

had been identified as a U.S. Reportable Account or as an account held 

by a Nonparticipating Financial Institution, as applicable, as of the date 

the account was opened.

H. Alternative Procedures for New Entity Accounts Opened on or after July 

1, 2014, and before January 1, 2015. For New Entity Accounts opened on or after 

July 1, 2014, and before January 1, 2015, either with respect to all New Entity 

Accounts or, separately, with respect to any clearly identified group of such accounts, 

Uzbekistan may permit Reporting Uzbekistan Financial Institutions to treat such 

accounts as Preexisting Entity Accounts and apply the due diligence procedures 

related to Preexisting Entity Accounts specified in section IV of this Annex I in lieu 

of the due diligence procedures specified in section V of this Annex I. In this case, 

the due diligence procedures of section IV of this Annex I must be applied without 

regard to the account balance or value threshold specified in paragraph A of section 

IV of this Annex I.
1

ANNEX II

The following Entities shall be treated as exempt beneficial owners or deemed-compliant FFIs, as 

the case may be, and the following accounts are excluded from the definition of Financial 

Accounts.

This Annex II may be modified by a mutual written decision entered into between the Competent 

Authorities of Uzbekistan and the United States: (1) to include additional Entities and accounts 

that present a low risk of being used by U.S. Persons to evade U.S. tax and that have similar 

characteristics to the Entities and accounts described in this Annex II as of the date of signature 

of the Agreement; or (2) to remove Entities and accounts that, due to changes in circumstances, 

no longer present a low risk of being used by U.S. Persons to evade U.S. tax.

Any such addition or removal shall be effective on the date of signature of the mutual decision, 

unless otherwise provided therein. Procedures for reaching such a mutual decision may be 

included in the mutual agreement or arrangement described in paragraph 6 of Article 3 of the 

Agreement.

I. Exempt Beneficial Owners other than Funds. The following Entities shall be treated as 

Non-Reporting Uzbekistan Financial Institutions and as exempt beneficial owners for 

purposes of sections 1471 and 1472 of the U.S. Internal Revenue Code, other than with 

respect to a payment that is derived from an obligation held in connection with a 

commercial financial activity of a type engaged in by a Specified Insurance Company, 

Custodial Institution, or Depository Institution.

A. Governmental Entity. The government of Uzbekistan, any political subdivision of 

Uzbekistan (which, for the avoidance of doubt, includes a state, province, county, or 

municipality), or any wholly owned agency or instrumentality of Uzbekistan or any one 

or more of the foregoing (each, a “Uzbekistan Governmental Entity”). This category is 

comprised of the integral parts, controlled entities, and political subdivisions of 

Uzbekistan.

1. An integral part of Uzbekistan means any person, organization, agency, bureau, fund, 

instrumentality, or other body, however designated, that constitutes a governing authority 

of Uzbekistan. The net earnings of the governing authority must be credited to its own 

account or to other accounts of Uzbekistan, with no portion inuring to the benefit of any 

private person. An integral part does not include any individual who is a sovereign, 

official, or administrator acting in a private or personal capacity.

2. A controlled entity means an Entity that is separate in form from Uzbekistan or that 

otherwise constitutes a separate juridical entity, provided that:

a) The Entity is wholly owned and controlled by one or more Uzbekistan

Governmental Entities directly or through one or more controlled entities;

b) The Entity’s net earnings are credited to its own account or to the accounts of one or 

more Uzbekistan Governmental Entities, with no portion of its income inuring to the 

benefit of any private person; and

c) The Entity’s assets vest in one or more Uzbekistan Governmental Entities upon 
2

dissolution.

3. Income does not inure to the benefit of private persons if such persons are the intended 

beneficiaries of a governmental program, and the program activities are performed for 

the general public with respect to the common welfare or relate to the administration of 

some phase of government. Notwithstanding the foregoing, however, income is 

considered to inure to the benefit of private persons if the income is derived from the use 

of a governmental entity to conduct a commercial business, such as a commercial 

banking business, that provides financial services to private persons.

B. International Organization. Any international organization or wholly owned agency or 

instrumentality thereof. This category includes any intergovernmental organization 

(including a supranational organization) (1) that is comprised primarily of non-U.S. 

governments; (2) that has in effect a headquarters agreement with Uzbekistan; and (3) the 

income of which does not inure to the benefit of private persons.

C. Central Bank. An institution that is by law or government sanction the principal 

authority, other than the government of Uzbekistan itself, issuing instruments intended to 

circulate as currency. Such an institution may include an instrumentality that is separate 

from the government of Uzbekistan, whether or not owned in whole or in part by 

Uzbekistan.

II. Funds that Qualify as Exempt Beneficial Owners. The following Entities shall be treated 

as Non-Reporting Uzbekistan Financial Institutions and as exempt beneficial owners for 

purposes of sections 1471 and 1472 of the U.S. Internal Revenue Code.

A. Broad Participation Retirement Fund. A fund established in Uzbekistan to 

provide retirement, disability, or death benefits, or any combination thereof, to 

beneficiaries that are current or former employees (or persons designated by such 

employees) of one or more employers in consideration for services rendered, 

provided that the fund:

1. Does not have a single beneficiary with a right to more than five percent of the 

fund’s assets;

2. Is subject to government regulation and provides annual information reporting 

about its beneficiaries to the relevant tax authorities in Uzbekistan; and

3. Satisfies at least one of the following requirements:

a) The fund is generally exempt from tax in Uzbekistan on investment income 

under the laws of Uzbekistan due to its status as a retirement or pension plan;

b) The fund receives at least 50 percent of its total contributions (other than 

transfers of assets from other plans described in paragraphs A through C of this 

section or from retirement and pension accounts described in subparagraph 

A(1) of section V of this Annex II) from the sponsoring employers;

c) Distributions or withdrawals from the fund are allowed only upon the 

occurrence of specified events related to retirement, disability, or death (except 

rollover distributions to other retirement funds described in paragraphs A 

through C of this section or retirement and pension accounts described in 
3

subparagraph A(1) of section V of this Annex II), or penalties apply to 

distributions or withdrawals made before such specified events; or

d) Contributions (other than certain permitted make-up contributions) by 

employees to the fund are limited by reference to earned income of the 

employee or may not exceed $50,000 annually, applying the rules set forth in 

Annex I for account aggregation and currency translation.

B. Narrow Participation Retirement Fund. A fund established in Uzbekistan to 

provide retirement, disability, or death benefits to beneficiaries that are current or 

former employees (or persons designated by such employees) of one or more 

employers in consideration for services rendered, provided that:

1. The fund has fewer than 50 participants;

2. The fund is sponsored by one or more employers that are not Investment Entities 

or Passive NFFEs;

3. The employee and employer contributions to the fund (other than transfers of 

assets from pension accounts described in subparagraph A(1) of section V of this 

Annex II) are limited by reference to earned income and compensation of the 

employee, respectively;

4. Participants that are not residents of Uzbekistan are not entitled to more than 20 

percent of the fund’s assets; and

5. The fund is subject to government regulation and provides annual information 

reporting about its beneficiaries to the relevant tax authorities in Uzbekistan.

C. Pension Fund of an Exempt Beneficial Owner. A fund established in Uzbekistan by 

an exempt beneficial owner to provide retirement, disability, or death benefits to 

beneficiaries or participants that are current or former employees of the exempt 

beneficial owner (or persons designated by such employees), or that are not current or 

former employees, if the benefits provided to such beneficiaries or participants are in 

consideration of personal services performed for the exempt beneficial owner.

D. Investment Entity Wholly Owned by Exempt Beneficial Owners. An Entity that is 

an Uzbekistan Financial Institution solely because it is an Investment Entity, provided 

that each direct holder of an Equity Interest in the Entity is an exempt beneficial 

owner, and each direct holder of a debt interest in such Entity is either a Depository 

Institution (with respect to a loan made to such Entity) or an exempt beneficial owner.

III. Small or Limited Scope Financial Institutions that Qualify as Deemed-Compliant FFIs.

The following Financial Institutions are Non-Reporting Uzbekistan Financial Institutions 

that shall be treated as deemed-compliant FFIs for purposes of section 1471 of the U.S. 

Internal Revenue Code.

A. Financial Institution with a Local Client Base. A Financial Institution satisfying the

following requirements:

1. The Financial Institution must be licensed and regulated as a financial institution 

under the laws of Uzbekistan;

2. The Financial Institution must have no fixed place of business outside of Uzbekistan.
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For this purpose, a fixed place of business does not include a location that is not 

advertised to the public and from which the Financial Institution performs solely 

administrative support functions;

3. The Financial Institution must not solicit customers or Account Holders outside 

Uzbekistan. For this purpose, a Financial Institution shall not be considered to have 

solicited customers or Account Holders outside Uzbekistan merely because the 

Financial Institution (a) operates a website, provided that the website does not 

specifically indicate that the Financial Institution provides Financial Accounts or 

services to nonresidents, and does not otherwise target or solicit U.S. customers or 

Account Holders, or (b) advertises in print media or on a radio or television station that 

is distributed or aired primarily within Uzbekistan but is also incidentally distributed or 

aired in other countries, provided that the advertisement does not specifically indicate 

that the Financial Institution provides Financial Accounts or services to nonresidents, 

and does not otherwise target or solicit U.S. customers or Account Holders;

4. The Financial Institution must be required under the laws of Uzbekistan to identify 

resident Account Holders for purposes of either information reporting or withholding 

of tax with respect to Financial Accounts held by residents or for purposes of satisfying 

Uzbekistan’s AML due diligence requirements;

5. At least 98 percent of the Financial Accounts by value maintained by the Financial 

Institution must be held by residents (including residents that are Entities) of 

Uzbekistan;

6. Beginning on or before July 1, 2014, the Financial Institution must have policies and 

procedures, consistent with those set forth in Annex I, to prevent the Financial 

Institution from providing a Financial Account to any Nonparticipating Financial 

Institution and to monitor whether the Financial Institution opens or maintains a 

Financial Account for any Specified U.S. Person who is not a resident of Uzbekistan

(including a U.S. Person that was a resident of Uzbekistan when the Financial Account 

was opened but subsequently ceases to be a resident of Uzbekistan) or any Passive 

NFFE with Controlling Persons who are U.S. residents or U.S. citizens who are not 

residents of Uzbekistan;

7. Such policies and procedures must provide that if any Financial Account held by a 

Specified U.S. Person who is not a resident of Uzbekistan or by a Passive NFFE with 

Controlling Persons who are U.S. residents or U.S. citizens who are not residents of 

Uzbekistan is identified, the Financial Institution must report such Financial Account as 

would be required if the Financial Institution were a Reporting Uzbekistan Financial 

Institution (including by following the applicable registration requirements on the IRS 

FATCA registration website) or close such Financial Account;

8. With respect to a Preexisting Account held by an individual who is not a resident of 

Uzbekistan or by an Entity, the Financial Institution must review those Preexisting 

Accounts in accordance with the procedures set forth in Annex I applicable to Preexisting 

Accounts to identify any U.S. Reportable Account or Financial Account held by a 

Nonparticipating Financial Institution, and must report such Financial Account as would 

be required if the Financial Institution were a Reporting Uzbekistan Financial Institution 

(including by following the applicable registration requirements on the IRS FATCA 

registration website) or close such Financial Account;
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9. Each Related Entity of the Financial Institution that is a Financial Institution must be 

incorporated or organized in Uzbekistan and, with the exception of any Related Entity 

that is a retirement fund described in paragraphs A through C of section II of this Annex 

II, satisfy the requirements set forth in this paragraph A; and

10. The Financial Institution must not have policies or practices that discriminate against 

opening or maintaining Financial Accounts for individuals who are Specified U.S. Persons 

and residents of Uzbekistan.

B. Local Bank. A Financial Institution satisfying the following requirements:

1. The Financial Institution operates solely as (and is licensed and regulated under the laws 

of Uzbekistan as) (a) a bank or (b) a credit union or similar cooperative credit 

organization that is operated without profit;

2. The Financial Institution’s business consists primarily of receiving deposits from and 

making loans to, with respect to a bank, unrelated retail customers and, with respect to a 

credit union or similar cooperative credit organization, members, provided that no member 

has a greater than five percent interest in such credit union or cooperative credit 

organization;

3. The Financial Institution satisfies the requirements set forth in subparagraphs A(2) and 

A(3) of this section, provided that, in addition to the limitations on the website described in 

subparagraph A(3) of this section, the website does not permit the opening of a Financial 

Account;

4. The Financial Institution does not have more than $175 million in assets on its balance 

sheet, and the Financial Institution and any Related Entities, taken together, do not have 

more than $500 million in total assets on their consolidated or combined balance sheets; and

5. Any Related Entity must be incorporated or organized in Uzbekistan, and any Related Entity 

that is a Financial Institution, with the exception of any Related Entity that is a retirement 

fund described in paragraphs A through C of section II of this Annex II or a Financial 

Institution with only low-value accounts described in paragraph C of this section, must 

satisfy the requirements set forth in this paragraph B.

C. Financial Institution with Only Low-Value Accounts. An Uzbekistan Financial

Institution satisfying the following requirements:

1. The Financial Institution is not an Investment Entity;

2. No Financial Account maintained by the Financial Institution or any Related Entity has a 

balance or value in excess of $50,000, applying the rules set forth in Annex I for account 

aggregation and currency translation; and

3. The Financial Institution does not have more than $50 million in assets on its balance sheet, 

and the Financial Institution and any Related Entities, taken together, do not have more than 

$50 million in total assets on their consolidated or combined balance sheets.

D. Qualified Credit Card Issuer. An Uzbekistan Financial Institution satisfying the

following requirements:
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1. The Financial Institution is a Financial Institution solely because it is an issuer of credit 

cards that accepts deposits only when a customer makes a payment in excess of a balance 

due with respect to the card and the overpayment is not immediately returned to the 

customer; and

2. Beginning on or before July 1, 2014, the Financial Institution implements policies and 

procedures to either prevent a customer deposit in excess of $50,000, or to ensure that any 

customer deposit in excess of $50,000, in each case applying the rules set forth in Annex I 

for account aggregation and currency translation, is refunded to the customer within 60 

days. For this purpose, a customer deposit does not refer to credit balances to the extent of 

disputed charges but does include credit balances resulting from merchandise returns.

IV. Investment Entities that Qualify as Deemed-Compliant FFIs and Other Special Rules.

The Financial Institutions described in paragraphs A through E of this section are NonReporting Uzbekistan Financial Institutions that shall be treated as deemed-compliant FFIs 

for purposes of section 1471 of the U.S. Internal Revenue Code. In addition, paragraph F 

of this section provides special rules applicable to an Investment Entity.

A. Trustee-Documented Trust. A trust established under the laws of Uzbekistan to the 

extent that the trustee of the trust is a Reporting U.S. Financial Institution, Reporting 

Model 1 FFI, or Participating FFI and reports all information required to be reported 

pursuant to the Agreement with respect to all U.S. Reportable Accounts of the trust.

B. Sponsored Investment Entity and Controlled Foreign Corporation. A Financial 

Institution described in subparagraph B(1) or B(2) of this section having a sponsoring 

entity that complies with the requirements of subparagraph B(3) of this section.

1. A Financial Institution is a sponsored investment entity if (a) it is an Investment 

Entity established in Uzbekistan that is not a qualified intermediary, withholding 

foreign partnership, or withholding foreign trust pursuant to relevant U.S. Treasury 

Regulations; and (b) an Entity has agreed with the Financial Institution to act as a 

sponsoring entity for the Financial Institution.

2. A Financial Institution is a sponsored controlled foreign corporation if (a) the 

Financial Institution is a controlled foreign corporation1 organized under the laws 

of Uzbekistan that is not a qualified intermediary, withholding foreign partnership, 

or withholding foreign trust pursuant to relevant U.S. Treasury Regulations; (b) the 

Financial Institution is wholly owned, directly or indirectly, by a Reporting U.S. 

Financial Institution that agrees to act, or requires an affiliate of the Financial 

Institution to act, as a sponsoring entity for the Financial Institution; and (c) the 

Financial Institution shares a common electronic account system with the 

sponsoring entity that enables the sponsoring entity to identify all Account Holders 

and payees of the Financial Institution and to access all account and customer 

information maintained by the Financial Institution including, but not limited to, 

 

1 A “controlled foreign corporation” means any foreign corporation if more than 50 percent of the total 

combined voting power of all classes of stock of such corporation entitled to vote, or the total value of the stock 

of such corporation, is owned, or is considered as owned, by “United States shareholders” on any day during the 

taxable year of such foreign corporation. The term a “United States shareholder” means, with respect to any 

foreign corporation, a United States person who owns, or is considered as owning, 10 percent or more of the 

total combined voting power of all classes of stock entitled to vote of such foreign corporation.
7

customer identification information, customer documentation, account balance, 

and all payments made to the Account Holder or payee.

3. The sponsoring entity complies with the following requirements:

a) The sponsoring entity is authorized to act on behalf of the Financial 

Institution (such as a fund manager, trustee, corporate director, or 

managing partner) to fulfill applicable registration requirements on the 

IRS FATCA registration website;

b) The sponsoring entity has registered as a sponsoring entity with the IRS on the 

IRS FATCA registration website;

c) If the sponsoring entity identifies any U.S. Reportable Accounts with respect to 

the Financial Institution, the sponsoring entity registers the Financial Institution 

pursuant to applicable registration requirements on the IRS FATCA registration 

website on or before the later of December 31, 2015 and the date that is 90 days 

after such a U.S. Reportable Account is first identified;

d) The sponsoring entity agrees to perform, on behalf of the Financial Institution, all 

due diligence, withholding, reporting, and other requirements that the Financial 

Institution would have been required to perform if it were a Reporting Uzbekistan

Financial Institution;

e) The sponsoring entity identifies the Financial Institution and includes the 

identifying number of the Financial Institution (obtained by following applicable 

registration requirements on the IRS FATCA registration website) in all reporting 

completed on the Financial Institution’s behalf; and

f) The sponsoring entity has not had its status as a sponsor revoked.

C. Sponsored, Closely Held Investment Vehicle. An Uzbekistan Financial Institution

satisfying the following requirements:

1. The Financial Institution is a Financial Institution solely because it is an Investment 

Entity and is not a qualified intermediary, withholding foreign partnership, or 

withholding foreign trust pursuant to relevant U.S. Treasury Regulations;

2. The sponsoring entity is a Reporting U.S. Financial Institution, Reporting Model 1 

FFI, or Participating FFI, is authorized to act on behalf of the Financial Institution 

(such as a professional manager, trustee, or managing partner), and agrees to perform,

on behalf of the Financial Institution, all due diligence, withholding, reporting, and 

other requirements that the Financial Institution would have been required to perform 

if it were a Reporting Uzbekistan Financial Institution;

3. The Financial Institution does not hold itself out as an investment vehicle for unrelated 

parties;

4. Twenty or fewer individuals own all of the debt interests and Equity Interests in the 

Financial Institution (disregarding debt interests owned by Participating FFIs and 

deemed-compliant FFIs and Equity Interests owned by an Entity if that Entity owns 

100 percent of the Equity Interests in the Financial Institution and is itself a sponsored 
8

Financial Institution described in this paragraph C); and

5. The sponsoring entity complies with the following requirements:

a) The sponsoring entity has registered as a sponsoring entity with the IRS on the IRS 

FATCA registration website;

b) The sponsoring entity agrees to perform, on behalf of the Financial Institution, all due 

diligence, withholding, reporting, and other requirements that the Financial Institution 

would have been required to perform if it were a Reporting Uzbekistan Financial 

Institution and retains documentation collected with respect to the Financial Institution 

for a period of six years;

c) The sponsoring entity identifies the Financial Institution in all reporting 

completed on the Financial Institution’s behalf; and

d) The sponsoring entity has not had its status as a sponsor revoked.

D. Investment Advisors and Investment Managers. An Investment Entity established in 

Uzbekistan that is a Financial Institution solely because it (1) renders investment advice to, 

and acts on behalf of, or (2) manages portfolios for, and acts on behalf of, a customer for the 

purposes of investing, managing, or administering funds deposited in the name of the customer 

with a Financial Institution other than a Nonparticipating Financial Institution.

E. Collective Investment Vehicle. An Investment Entity established in Uzbekistan that is 

regulated as a collective investment vehicle, provided that all of the interests in the collective 

investment vehicle (including debt interests in excess of $50,000) are held by or through one 

or more exempt beneficial owners, Active NFFEs described in subparagraph B(4) of section 

VI of Annex I, U.S. Persons that are not Specified U.S. Persons, or Financial Institutions that 

are not Nonparticipating Financial Institutions.

F. Special Rules. The following rules apply to an Investment Entity:

1. With respect to interests in an Investment Entity that is a collective investment vehicle 

described in paragraph E of this section, the reporting obligations of any Investment Entity 

(other than a Financial Institution through which interests in the collective investment 

vehicle are held) shall be deemed fulfilled.

2. With respect to interests in:

a) An Investment Entity established in a Partner Jurisdiction that is regulated as a 

collective investment vehicle, all of the interests in which (including debt interests in 

excess of $50,000) are held by or through one or more exempt beneficial owners, 

Active NFFEs described in subparagraph B(4) of section VI of Annex I, U.S. Persons 

that are not Specified U.S. Persons, or Financial Institutions that are not 

Nonparticipating Financial Institutions; or

b) An Investment Entity that is a qualified collective investment vehicle under relevant 

U.S. Treasury Regulations;

the reporting obligations of any Investment Entity that is an Uzbekistan Financial 

Institution (other than a Financial Institution through which interests in the collective 
9

investment vehicle are held) shall be deemed fulfilled.

3. With respect to interests in an Investment Entity established in Uzbekistan that is not 

described in paragraph E or subparagraph F(2) of this section, consistent with paragraph 4

of Article 5 of the Agreement, the reporting obligations of all other Investment Entities 

with respect to such interests shall be deemed fulfilled if the information required to be 

reported by the first-mentioned Investment Entity pursuant to the Agreement with respect 

to such interests is reported by such Investment Entity or another person.

4. An Investment Entity established in Uzbekistan that is regulated as a collective 

investment vehicle shall not fail to qualify under paragraph E or subparagraph F(2) of this 

section, or otherwise as a deemed-compliant FFI, solely because the collective investment 

vehicle has issued physical shares in bearer form, provided that:

a) The collective investment vehicle has not issued, and does not issue, any physical 

shares in bearer form after December 31, 2012;

b) The collective investment vehicle retires all such shares upon surrender;

c) The collective investment vehicle (or a Reporting Uzbekistan Financial Institution) 

performs the due diligence procedures set forth in Annex I and reports any 

information required to be reported with respect to any such shares when such shares 

are presented for redemption or other payment; and

d) The collective investment vehicle has in place policies and procedures to ensure that 

such shares are redeemed or immobilized as soon as possible, and in any event prior 

to January 1, 2017.

V. Accounts Excluded from Financial Accounts. The following accounts are excluded from 

the definition of Financial Accounts and therefore shall not be treated as U.S. Reportable 

Accounts.

A. Certain Savings Accounts.

1. Retirement and Pension Account. A retirement or pension account maintained in

Uzbekistan that satisfies the following requirements under the laws of Uzbekistan.

a) The account is subject to regulation as a personal retirement account or is part of 

a registered or regulated retirement or pension plan for the provision of retirement 

or pension benefits (including disability or death benefits);

b) The account is tax-favored (i.e., contributions to the account that would otherwise 

be subject to tax under the laws of Uzbekistan are deductible or excluded from 

the gross income of the account holder or taxed at a reduced rate, or taxation of 

investment income from the account is deferred or taxed at a reduced rate);

c) Annual information reporting is required to the tax authorities in Uzbekistan with 

respect to the account;

d) Withdrawals are conditioned on reaching a specified retirement age, disability, or 

death, or penalties apply to withdrawals made before such specified events; and

e) Either (i) annual contributions are limited to $50,000 or less, or (ii) there is a 

maximum lifetime contribution limit to the account of $1,000,000 or less, in each 
10

case applying the rules set forth in Annex I for account aggregation and currency 

translation.

2. Non-Retirement Savings Accounts. An account maintained in Uzbekistan

(other than an insurance or Annuity Contract) that satisfies the following

requirements under the laws of Uzbekistan.

a) The account is subject to regulation as a savings vehicle for purposes other than 

for retirement;

b) The account is tax-favored (i.e., contributions to the account that would otherwise 

be subject to tax under the laws of Uzbekistan are deductible or excluded from 

the gross income of the account holder or taxed at a reduced rate, or taxation of 

investment income from the account is deferred or taxed at a reduced rate);

c) Withdrawals are conditioned on meeting specific criteria related to the purpose of 

the savings account (for example, the provision of educational or medical 

benefits), or penalties apply to withdrawals made before such criteria are met; and

d) Annual contributions are limited to $50,000 or less, applying the rules set forth in 

Annex I for account aggregation and currency translation.

B. Certain Term Life Insurance Contracts. A life insurance contract maintained in 

Uzbekistan with a coverage period that will end before the insured individual attains age 

90, provided that the contract satisfies the following requirements:

1. Periodic premiums, which do not decrease over time, are payable at least annually during 

the period the contract is in existence or until the insured attains age 90, whichever is 

shorter;

2. The contract has no contract value that any person can access (by withdrawal, loan, or 

otherwise) without terminating the contract;

3. The amount (other than a death benefit) payable upon cancellation or termination of the 

contract cannot exceed the aggregate premiums paid for the contract, less the sum of 

mortality, morbidity, and expense charges (whether or not actually imposed) for the 

period or periods of the contract’s existence and any amounts paid prior to the 

cancellation or termination of the contract; and

4. The contract is not held by a transferee for value.

C. Account Held By an Estate. An account maintained in Uzbekistan that is held solely by 

an estate if the documentation for such account includes a copy of the deceased’s will or 

death certificate.

D. Escrow Accounts. An account maintained in Uzbekistan established in connection with 

any of the following:

1. A court order or judgment.

2. A sale, exchange, or lease of real or personal property, provided that the account satisfies 

the following requirements:
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a) The account is funded solely with a down payment, earnest money, deposit in an 

amount appropriate to secure an obligation directly related to the transaction, or a 

similar payment, or is funded with a financial asset that is deposited in the account in 

connection with the sale, exchange, or lease of the property;

b) The account is established and used solely to secure the obligation of the purchaser to 

pay the purchase price for the property, the seller to pay any contingent liability, or 

the lessor or lessee to pay for any damages relating to the leased property as agreed 

under the lease;

c) The assets of the account, including the income earned thereon, will be paid or 

otherwise distributed for the benefit of the purchaser, seller, lessor, or lessee

(including to satisfy such person’s obligation) when the property is sold, exchanged, 

or surrendered, or the lease terminates;

d) The account is not a margin or similar account established in connection with a sale or 

exchange of a financial asset; and

e) The account is not associated with a credit card account.

3. An obligation of a Financial Institution servicing a loan secured by real property to 

set aside a portion of a payment solely to facilitate the payment of taxes or 

insurance related to the real property at a later time.

4. An obligation of a Financial Institution solely to facilitate the payment of taxes at 

a later time.

E. Partner Jurisdiction Accounts. An account maintained in Uzbekistan and excluded 

from the definition of Financial Account under an agreement between the United States 

and another Partner Jurisdiction to facilitate the implementation of FATCA, provided 

that such account is subject to the same requirements and oversight under the laws of 

such other Partner Jurisdiction as if such account were established in that Partner 

Jurisdiction and maintained by a Partner Jurisdiction Financial Institution in that Partner 

Jurisdiction.

VI. Definitions. The following additional definitions shall apply to the descriptions above:

A. Reporting Model 1 FFI. The term Reporting Model 1 FFI means a Financial 

Institution with respect to which a non-U.S. government or agency thereof agrees to 

obtain and exchange information pursuant to a Model 1 IGA, other than a Financial 

Institution treated as a Nonparticipating Financial Institution under the Model 1 IGA. 

For purposes of this definition, the term Model 1 IGA means an arrangement between 

the United States or the Treasury Department and a non-U.S. government or one or 

more agencies thereof to implement FATCA through reporting by Financial Institutions 

to such non- U.S. government or agency thereof, followed by automatic exchange of 

such reported information with the IRS.

B. Participating FFI. The term Participating FFI means a Financial Institution that 

has agreed to comply with the requirements of an FFI Agreement, including a 

Financial Institution described in a Model 2 IGA that has agreed to comply with the 

requirements of an FFI Agreement. The term Participating FFI also includes a 

qualified intermediary branch of a Reporting U.S. Financial Institution, unless such 

branch is a Reporting Model 1 FFI. For purposes of this definition, the term FFI 
12

Agreement means an agreement that sets forth the requirements for a Financial 

Institution to be treated as complying with the requirements of section 1471(b) of the 

U.S. Internal Revenue Code. In addition, for purposes of this definition, the term 

Model 2 IGA means an arrangement between the United States or the Treasury 

Department and a non-U.S. government or one or more agencies thereof to facilitate 

the implementation of FATCA through reporting by Financial Institutions directly to 

the IRS in accordance with the requirements of an FFI Agreement, supplemented by 

the exchange of information between such non-U.S. government or agency thereof 

and the IRS.