Rakhimov's status on a U.S. Treasury Department sanctions list as an alleged heroin trafficker is part of an inquiry by an International Olympic Committee-appointed panel.
The panel will update the IOC executive board next week in Lausanne, Switzerland. AIBA could be derecognized by IOC members in June.
"The allegations against me were fabricated and based on politically motivated lies," Rakhimov said. "I trust that the truth will prevail. Nevertheless, I have always said that I would never put myself above boxing, and as president, I have a duty to do everything in my power to serve our sport and our athletes."
When Rakhimov was elected last year, his supporters pushed for a plan to allow the president to step aside while still retaining key influence and being able to return at any time, but that was defeated.
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