Financial Crime World

Uganda Launches Financial Crime Reporting Guidelines to Tackle Money Laundering, Terrorism Financing, and Proliferation Financing

The Government of Uganda has launched a new strategy aimed at combating money laundering, terrorism financing, and proliferation financing over the next five years. The National Anti-Money Laundering (AML)/Countering Financing of Terrorism (CFT) Strategy sets out six key objectives to guide the country’s efforts in adhering to international standards and obligations set by the Financial Action Taskforce (FATF).

Key Objectives

The strategy aims to:

  • Secure the nation and its citizens against money laundering, terrorist financing, and proliferation financing
  • Enhance compliance with FATF Recommendations
  • Strengthen Uganda’s legal and regulatory framework
  • Bolster regional and international cooperation on AML/CFT/PF issues
  • Enhance the capacity of stakeholders to implement AML/CFT/PF requirements
  • Improve investigation, prosecution, and adjudication of AML/CFT/PF matters

Identifying Gaps in Implementation

According to a Mutual Evaluation Report (MER) 2016 and National Risk Assessment (NRA) Report 2017, Uganda’s AML/CFT measures identified gaps in the implementation of ML, TF, and PF. To address these gaps, a robust legal and administrative framework is crucial to combat proliferation financing, which is consistent with UN standards, best practice, and FATF standards and recommendations.

Launch of Guidelines

The Ministry of Internal Affairs has issued guidelines on the implementation of Targeted Financial Sanctions (TFS), following the amendment of the Anti-Terrorism Act (2002) to provide for the offence of proliferation financing. The new guidelines are expected to enhance the country’s ability to detect, prevent, and report suspicious transactions related to financial crime.

Significance

The launch of these guidelines is seen as a significant step forward in Uganda’s efforts to combat financial crime and ensure compliance with international standards.

  • Mutual Evaluation Report 2016
  • National Risk Assessment Report 2017
  • Anti-Terrorism Act (2002)
  • Targeted Financial Sanctions Guidelines