Uganda has strengthened its anti-money laundering and counter-terrorism financing efforts, earning removal from the FATF grey list. Officials cite legal reforms, improved supervision, and enhanced enforcement as key achievements.
Uganda has made significant strides in strengthening its Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) regime, according to the Permanent Secretary to the Treasury and Ministry of Finance, Ramathan Ggoobi.
Speaking at the opening of the 49th Task Force of Senior Officials meeting under the East and Southern Africa Anti-Money Laundering Group (ESAAMLG), Ggoobi highlighted key milestones Uganda has achieved in its fight against financial crimes.
"We have made significant progress in strengthening Uganda's AML/CFT regime. I would like to highlight some key milestones we have registered in this regard," he stated.
Ggoobi emphasized Uganda's removal from the Financial Action Task Force (FATF) "grey list" in 2024 as a major achievement.
"The FATF acknowledged Uganda's full implementation of required reforms in our AML/CFT legal, regulatory, and operational framework, leading to our removal from the list of countries under increased monitoring," he noted.
Uganda has taken deliberate steps to enhance its AML/CFT legal and regulatory framework by amending key laws, including the Anti-Money Laundering Act, Cap. 118, and the Anti-Terrorism Act, aligning them with FATF standards.
The Financial Intelligence Authority (FIA) has continued to play a central role in Uganda's AML/CFT efforts.
"With increased resources, autonomy, and capacity, the FIA has strengthened its analytical and oversight functions," Ggoobi said.
The country has embraced a risk-based approach to supervision, with regulatory bodies such as the Bank of Uganda, the Insurance Regulatory Authority, and the Capital Markets Authority rolling out tailored supervisory frameworks.
Uganda completed its second National Risk Assessment (NRA), providing insights into sectoral vulnerabilities.
"We are now implementing a comprehensive National AML/CFT Strategy that prioritizes key areas of reform and resource allocation," Ggoobi explained.
Functional coordination mechanisms, such as the National AML/CFT Task Force, have been established. Additionally, Uganda's FIA is a member of the EGMONT Group, facilitating intelligence sharing between national Financial Intelligence Units (FIUs).
Sign up for free AllAfrica Newsletters
Get the latest in African news delivered straight to your inbox
Ggoobi highlighted the progress made by law enforcement agencies and the Office of the Director of Public Prosecutions in investigating and prosecuting financial crimes.
"We have also recovered assets linked to criminal activities," he noted.
Uganda has engaged financial institutions, Designated Non-Financial Businesses and Professions (DNFBPs), and the private sector to enhance awareness and compliance. "Our public-private partnerships have led to improved compliance levels and stronger detection of illicit financial activities," Ggoobi added.
Uganda continues to participate in ESAAMLG's Mutual Evaluation processes and technical assistance programs, reinforcing its commitment to combating money laundering and terrorism financing at both national and regional levels.
Ggoobi reaffirmed Uganda's dedication to maintaining high standards of financial integrity. "We remain committed to strengthening our financial system to prevent and combat financial crimes," he concluded.
The meeting brings together senior officials from member states to assess progress and strategize on regional AML/CFT initiatives.
