Uganda has taken a major step forward in combating money laundering and terrorism financing, securing its removal from the Financial Action Task Force (FATF) grey list. This achievement follows significant legal reforms, enhanced regulatory frameworks, and strengthened enforcement mechanisms.
Speaking at the 49th Task Force of Senior Officials meeting under the East and Southern Africa Anti-Money Laundering Group (ESAAMLG), Ramathan Ggoobi, the Permanent Secretary to the Treasury and Ministry of Finance, highlighted Uganda’s progress in financial crime prevention.
Key Milestones in AML/CFT Efforts
Ggoobi emphasized that Uganda’s removal from the grey list in 2024 reflects its commitment to global financial integrity.
The country successfully aligned its Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) framework with FATF standards by amending key laws such as the Anti-Money Laundering Act and the Anti-Terrorism Act.
Additionally, Uganda has strengthened the Financial Intelligence Authority (FIA), granting it more autonomy and resources to enhance analytical and oversight functions.
The Bank of Uganda, the Insurance Regulatory Authority, and the Capital Markets Authority have also adopted risk-based supervisory approaches to detect and prevent illicit financial flows.
Improved Supervision and Prosecution
Uganda’s second National Risk Assessment (NRA) has helped identify vulnerabilities in various financial sectors.
This has guided the development of a comprehensive National AML/CFT Strategy focusing on reforms and resource allocation. Functional coordination mechanisms, including the National AML/CFT Task Force, have also been established to streamline efforts.
The FIA’s membership in the EGMONT Group has facilitated intelligence sharing, further strengthening Uganda’s financial crime-fighting capabilities.
Law enforcement agencies and the Office of the Director of Public Prosecutions have ramped up investigations and prosecutions, leading to asset recoveries linked to financial crimes.
Public-Private Partnerships and Regional Commitment
Uganda has actively engaged financial institutions, Designated Non-Financial Businesses and Professions (DNFBPs), and private-sector players to enhance compliance.
These partnerships have improved the detection of illicit financial activities and increased adherence to AML/CFT regulations.
The country remains committed to ESAAMLG’s Mutual Evaluation processes and technical assistance programs, ensuring continued progress in financial crime prevention.
Ggoobi reaffirmed Uganda’s dedication to maintaining high standards of financial integrity, stating, “We remain committed to strengthening our financial system to prevent and combat financial crimes.”
As Uganda consolidates these gains, the country’s enhanced financial oversight is expected to boost investor confidence and solidify its position in the global financial system.
