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Uganda Strengthens Anti-Money Laundering Laws with New Act

Kampala - The Ugandan government has taken a significant step in combating financial crimes by signing into law the Anti-Money Laundering (Amendment) Act, 2022. This new legislation aims to enhance the country’s ability to prevent and detect money laundering, terrorism financing, and proliferation financing risks.

Key Provisions

• Accountable persons who fail to comply with directives issued by the Authority or supervisory body may face administrative sanctions, including:
  • Reprimands
  • Warnings
  • Fines not exceeding 37,500 currency points
• The law also provides for the imposition of administrative sanctions or fines on officers, directors, or agents of accountable persons who were involved in the impugned conduct

Due Process and Transparency

The Act introduces due process and related procedures to guide the imposition of administrative sanctions and fines, ensuring that those affected are treated fairly and transparently.

Impact and Significance

The signing of this legislation marks a significant milestone in Uganda’s efforts to combat financial crimes. The new law is expected to enhance the country’s reputation as a responsible player in the global financial system and provide a safer environment for businesses and individuals alike.

Implementation

The Anti-Money Laundering (Amendment) Act, 2022 was passed by Parliament and signed into law by President [Name], following a thorough review and approval process. The Act comes into effect immediately, with regulations to be made by the Minister to guide its implementation.