Financial Crime World

Uganda Fights Terrorist Financing with Tough New Measures

Combating the Scourge of Terrorist Financing

In a bid to safeguard its citizens and economy from illicit activities, Uganda has unveiled a robust strategy aimed at combating the financing of terrorism. The country’s anti-money laundering and combating the financing of terrorism (AML/CFT) framework seeks to enhance compliance with international standards and strengthen national coordination in the fight against financial crimes.

Key Objectives

The strategy is built around six key objectives, including:

  • Enhancing compliance with Financial Action Task Force (FATF) recommendations
  • Strengthening national coordination and cooperation in AML/CFT matters
  • Improving the investigation, prosecution, and adjudication of financial crimes
  • Identifying and tracing proceeds of crime
  • Freezing and seizing assets linked to terrorist activities
  • Strengthening legislative and regulatory frameworks to prevent the misuse of financial systems

Measures to Prevent Terrorist Financing

To achieve these objectives, Uganda will implement a range of measures aimed at preventing and detecting terrorist financing. These include:

  • Risk-based inter-agency collaboration
  • Improved information sharing between law enforcement agencies
  • Training and technical assistance to stakeholders
  • National risk assessment and policy development to prevent and combat financial crimes

International Cooperation

Uganda will work closely with international partners, including the Financial Action Task Force (FATF), to ensure that its AML/CFT framework meets global standards. The country has identified key cross-cutting issues, including:

  • Investigation procedures
  • Confiscation and seizure of proceeds of crime
  • Legislative measures aimed at preventing money laundering and terrorist financing

Commitment to National Security

In a statement, officials emphasized that combating terrorist financing is a critical component of Uganda’s national security strategy. The country is committed to working with regional and international partners to prevent the misuse of financial systems by terrorist organizations.

Conclusion

Uganda’s new strategy is designed to ensure that its financial system is not exploited by terrorist organizations or other criminal networks. The country’s commitment to implementing effective AML/CFT measures is a critical step in preventing the financing of terrorism and promoting regional and global security.