Uganda finally taken off world money laundering Grey List

The FATF, a prominent intergovernmental organization tasked with setting global standards to prevent illicit finance, had included Uganda on its Grey List in February 2020, pointing to deficiencies in its Anti-Money Laundering (AML) and Countering Terrorism Financing (CTF) measures.

Since its listing, Uganda has embarked on a comprehensive overhaul of its financial regulation framework, introducing significant reforms aimed at aligning its policies with international standards.

These efforts culminated in the FATF President, Mr. T.Raja Kumar, announcing Uganda's delisting during the outcomes session of the fifth plenary meeting in Paris, France, from February 21-23, 2024.

Key reforms implemented by Uganda include the adoption of a national AML/CTF and Countering of Proliferation Financing (CPF) Strategy, enhancement of Mutual Legal Assistance, development of a risk-based supervision framework for the financial sector, and strengthening of law enforcement capabilities for tracing and seizing criminal proceeds.

Furthermore, Uganda has improved its mechanisms for investigating and prosecuting terrorism financing, implemented targeted financial sanctions related to proliferation financing, and bolstered the capacity of relevant Ministries, Departments, and Agencies (MDAs) to sustain these reforms effectively.

Mr. Samuel Were Wandera, the Executive Director of the Financial Intelligence Authority (FIA) in Uganda, expressed enthusiasm over this achievement, highlighting it as a testament to Uganda's dedication to fostering a transparent and secure financial environment.

According to Mr. Wandera, the government has maintained a high-level political commitment to working with the FATF and the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG), actively pursuing an action plan comprised of 22 items since being placed on the grey list.

The FIA Executive Director reassured FATF delegates, Ugandans, and the international community of Uganda's ongoing commitment to consolidating these achievements and further strengthening the AML/CTF/CPF regime.

This includes enhancing the National Task Force, increasing private sector engagement, and boosting the capacities of institutions combatting money laundering and terrorism financing (ML/TF) crimes.

The FIA has extended its gratitude to the FATF for its guidance throughout this process and affirmed Uganda's commitment to continuous improvement of its AML/CTF framework, contributing to the global fight against financial crime.

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