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Uzbekistan’s Justice Ministry denies rumors about escrow system rollout

Uzbekistan’s Justice Ministry denies rumors about escrow system rollout

Uzbekistan’s Ministry of Justice said reports claiming that, starting January 1, apartments in buildings under construction must be purchased via an escrow system are not true.

The ministry explained that the draft law “On Shared Construction,” expected to regulate this issue, has only been submitted for government discussion so far.

The agency noted that until the law is adopted, there is no legal basis to require widespread use of escrow for settlements.

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