International Journal of Law And Criminology
28
https://theusajournals.com/index.php/ijlc
VOLUME
Vol.05 Issue05 2025
PAGE NO.
28-31
10.37547/ijlc/Volume05Issue05-04
The Subject of The Crime of Illegally Acquiring or
Transferring Currency Assets
Haydarov Jaloliddin Hamza ogli
3rd-year doctoral student, Tashkent State University of Law, Uzbekistan
Received:
24 March 2025;
Accepted:
20 April 2025;
Published:
22 May 2025
Abstract:
This article analyzes the subject of the crime related to the illegal acquisition or transfer of currency
assets. The differences between the subject and the object of the crime are highlighted. In crimes involving
currency assets, the subject of the crime is discussed, and its types are illustrated with examples.
Keywords:
Currency assets, crime, subject (of a crime), precious metal, semi-precious metal, precious stone, semi-
precious stone.
Introduction:
Precisely determining the object of a
crime often significantly aids in identifying which
specific direct object has been harmed, as well as in
obtaining information regarding the quantitative
indicators of the damage inflicted. Frequently, the
object of a crime is interpreted in the same way as the
crime's subject
—
namely, the social relations protected
by criminal law
—
or errors and shortcomings occur in
distinguishing between the two. However, in reality,
the object of a crime refers to the material aspect that
the offender’s unlawful act is directed against.
For example, in Article 230¹ of the Criminal Code
—
"Falsification of Evidence"
—
the falsified evidence
containing important information related to a specific
criminal case is regarded as the object of the crime.
Meanwhile, the subject of this crime can be considered
the social relations connected to ensuring the interests
of justice during the inquiry and preliminary
investigation stages.
Nevertheless, it would be incorrect to confine the
concept of a crime’s object to such a narrow and
limited definition. This is because, nowadays, the
concept and scope of material things must be
broadened. In particular, the role and prevalence of
electronic data, which now frequently serve as specific
objects in various crimes, have been rapidly increasing
and becoming widespread.
Therefore, relying on advanced legal literature, it would
be appropriate to define the object of a crime as
"phenomena or elements of the external (material)
world that can be perceived, measured, calculated, and
evaluated." [1, p. 266].
The Object of crime
The object of a crime is the item, thing, or object that is
directly impacted by the offender during the
commission of the crime. In some crimes, the object is
considered a key element of the criminal composition,
while in other specific crimes, it serves as an optional
feature. This largely depends on whether the crime can
or cannot be committed through the object in question.
For example, in the crime of illegally acquiring or
transferring foreign currency valuables, which we are
currently examining, the foreign currency valuables are
considered the primary identifying feature of the
crime's object.
In this context, it is essential to distinguish between the
instrument of the crime and the object of the crime. As
previously mentioned, foreign currency valuables are
the object in currency-related crimes; however, in
corruption-related crimes, they function as tools or
instruments of the crime. In other words, while the
object of a crime refers to items, things, or objects that
are harmed as a result of the socially dangerous act, a
crime instrument is a means or aid used to commit the
crime. For instance, in corruption offenses such as
bribery, foreign currency valuables serve as facilitators
in the commission of the crime.
The concept of a crime's object refers to a real object
International Journal of Law And Criminology
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International Journal of Law And Criminology (ISSN: 2771-2214)
or thing that is the target of the criminal act. This may
include a physical object, location, or property that is
linked to the offender’s actions or the consequences of
the crime. The object of the crime plays a significant
role in the criminal law system in determining the
composition of the crime, its classification, and the
corresponding punishment.
METHODOLOGY
The concept of a crime’s object is important for court
proceedings and the application of legislation.
Identifying which object or objects were involved as the
crime’s object helps legal authorities classify and
investigate the crime and make judgments based on
evidence.
RESULTS
Article 1 of the Law of the Republic of Uzbekistan No.
O‘RQ
-
387 dated June 3, 2015, “On
Amendments and
Additions to the Law of the Republic of Uzbekistan ‘On
the Securities Market’” specifies that the legal act
applies to the following types of securities: shares,
bonds, treasury obligations, deposit certificates,
derivatives of securities, and promissory notes \[2].
Based on the above, the concept of foreign currency
securities as the object of a crime includes the
following:
* Shares
* Bonds
* Treasury obligations
* Deposit and savings certificates
* Derivatives of securities
* Promissory notes
A share is a type of equity security without a fixed
maturity period, registered in the name of the owner,
that confirms the shareholder’s right to a portion of the
joint-
stock company’s profit in the form of dividends,
to participate in the management of the company, and
to a portion of the assets remaining upon its
liquidation.
According to the Law of the Russian Federation “On the
Securities Market,” a share is a security that confirms
the shareholder’s right to receive a portion of the
income in a joint-stock company.
Additionally, the Law of the Republic of Uzbekistan “On
Amendments and Additions to the Law of the Republic
of Uzbekistan ‘On Joint Stock Companies and
Protection of Shareholders' Rights’” dated May 6, 2014,
states that a share is a security issued by joint-stock
companies. A shareholder is entitled to receive
dividends from the company’s profits based on their
ownership stake. Article 16 of this law states: “The
authorized capital (charter capital) of a company is
formed from the nomina
l value of the company’s
shares acquired by shareholders and is expressed in the
national currency of the Republic of Uzbekistan. All
shares issued by the company must have the same
nominal value”.
A share indicates the ownership stake in a company.
The shareholder has the right to receive dividends and
to participate in decision-making in managing the legal
entity.
Based on the above, a share is a document that
confirms ownership in a joint-stock company and the
right to receive a portion of its profit in the form of
dividends. The crime under investigation occurs when
such a share is issued in foreign currency and the
procedures for its conversion are not followed.
The concept of bonds in foreign currency is relatively
new in Uzbekistan. Since 2020, the Central Bank of
Uzbekistan has actively started issuing international
bonds. Starting from January 2020, Central Bank bonds
began circulating. So far, bonds worth approximately
1.4 trillion soums have been issued and placed in
commercial banks.
According to the Explanatory Dictionary of the Uzbek
Language, a bond is defined as: “A type of security that
yields income in the form of interest or profit.”
According to Article 741 of the Civil Code, a bond is a
security that certifies the bondholder’s right to rec
eive
from the issuer the nominal value or another property
equivalent within a specified period. The bond also
gives the holder the right to receive interest or other
property rights based on the bond’s terms [3].
A bond is a security issued by a legal entity or the state
to attract capital and investment and acts as a debt
instrument. Bondholders are creditors and are entitled
to receive interest until the bond matures.
The concept of foreign currency bonds refers to
financial securities issued outside the territory of a
particular country and sold in foreign currency. These
are debt instruments sold on foreign markets by
corporations, states, or governments and represent the
issuer's liability to the investor.
Treasury obligations of the Republic of Uzbekistan are
emission securities confirming that the holders have
contributed funds to the State Budget of Uzbekistan
and entitling them to receive a fixed income
throughout the holding period.
Like bonds, treasury obligations are considered
securities. However, treasury obligations are issued for
the short term (up to one year), while bonds are
medium- and long-term securities.
In Uzbekistan, treasury obligations started being issued
International Journal of Law And Criminology
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International Journal of Law And Criminology (ISSN: 2771-2214)
in 2018. The Cabinet of Ministers of the Republic of
Uzbekistan adopted Resolution No. 1016 dated
December 14, 2018, “On Measures to Organize the
Issuance of Government Treasury Obligations and
Bonds of the Republic of Uzbekistan”
\[4].
The proposal of the Ministry of Finance and the Central
Bank of Uzbekistan to issue government treasury
obligations and bonds (government securities
—
GS)
starting from December 2018 was approved [5].
The main characteristics of foreign currency treasury
bonds include:
a. They are issued in foreign currencies such as US
dollars, euros, Japanese yen, etc.
b. They provide periodic interest payments and are
repayable at maturity.
c. Their credit rating reflects the issuer’s reliability and
ability to repay.
d. They can be sold in the market before maturity,
making them liquid assets.
A deposit certificate (Depositary Receipt) is a non-
emission security that confirms the deposit amount
placed in a bank and the depositor’s (certificate
holder’s) right to receive the deposit amount and
interest agreed upon in the certificate from the issuing
bank or any of its branches after the maturity date. The
certificate's value is expressed in the national currency
of Uzbekistan. Issuance of certificates in foreign
currency is prohibited. Certificates are issued for terms
ranging from 6 months to 3 years (from the date of
issue to the date the holder is entitled to demand the
deposit) [6].
A foreign currency security, such as a bond, is issued
not in the national but in foreign currency. The issuer
may be a state, corporation, or organization. A key
feature of such bonds is that interest payments are
made in foreign currency. The advantages of foreign
currency bonds include easier access to foreign
markets and lower inflation exposure.
DISCUSSION
Jewelry and household items made from precious
stones and precious metals cannot be considered the
subject of the crime being discussed. In this type of
crime, precious metals and stones are considered
currency valuables only in their pure form. When
precious stones are used to make jewelry, various
chemical compounds are applied and processed, which
causes them to lose their original form.
Jewelry and other items made from precious metals
and precious stones
—
such as adornments, household
items, and religious objects
—
are crafted from precious
metals or their alloys with a minimum level of purity as
specified in the law. These items may be decorated
using various techniques and may or may not be
embedded with precious stones or other materials.
Additionally, they can be made from natural or artificial
materials with decorative processing and embedded
with precious stones.
Gold or silver ingots, as well as coins and decorations
made from precious stones, are not considered
currency valuables and therefore are not deemed the
subject of currency crimes. According to Resolution No.
3056 of the Board of the Central Bank of the Republic
of Uzbekistan dated August 20, 2018, precious coins,
gold ingots, state awards, or insignia issued into
circulation in our country are also not considered the
subject of currency crimes.
Currency denominations made from precious metals,
standard and measured ingots, as well as state awards,
medals, and sports awards made from precious metals
and stones, are not included in the category of jewelry
and other items made from such materials.
According to M. Kh. Rustamboyev, “Jewelry and
household items made from gold, as well as gold scraps
and fragments, cannot be considered the subject of a
crime. Likewise, regardless of appearance or condition,
other precious metals and precious stones (including
artificial ones) also cannot be considered as the subject
of the offense in question.” Based on this reasoning,
gold or other jewelry and household items made from
precious metals cannot be considered the subject of
the crime being analyzed.
According to Article 177 of the Criminal Code, precious
metals and stones are not considered the subject of the
crime; the legislator includes only pure refined gold in
the category of currency valuables. However, the illegal
circulation of precious metals and stones can also
negatively impact the country’s economic system.
CONCLUSION
As a subject of a crime, jewelry, household items, and
their fragments made from precious metals or stones
are not recognized. As explicitly stated in Chapter VIII
of the Criminal Code, jewelry, household items, and
their fragments made from precious metals or stones
do not meet the criteria of Article 177 of the Criminal
Code and are not considered the subject of a crime.
REFERENCES
Лукьянова Анастасия Александровна. Уголовная
ответственность за подделку, сбыт и использование
поддельных документов : диссертация ... кандидата
юридических наук : 12.00.08 / Лукьянова Анастасия
Александровна; [Место защиты: Моск. гос. ун
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т им.
М.В. Ломоносова].
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Москва, 2017.
-
266 с.
Law of the Republic of Uzbekistan No. O‘RQ
-387 dated
International Journal of Law And Criminology
31
https://theusajournals.com/index.php/ijlc
International Journal of Law And Criminology (ISSN: 2771-2214)
June 3, 2015, “On Amendments and Additions to the
Law of the Republic of Uzbekistan “On the Securities
Market”.
Civil Code of the Republic of Uzbekistan.
https://lex.uz/docs/-180552
Resolution of the Cabinet of Ministers of the Republic
of Uzbekistan No. 1016 dated December 14, 2018, “On
Measures to Organize the Issuance of Treasury
Obligations and Bonds of the Republic of Uzbekistan.”
https://lex.uz/docs/-4107843
Resolution of the Cabinet of Ministers of the Republic
of Uzbekistan No. 1016 dated December 14, 2018, “On
Measures to Organize the Issuance of Treasury
Obligations and Bonds of the Republic of Uzbekistan”.
Regulation on the Procedure for the Issuance and
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