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Uganda Tightens Grip on Anti-Money Laundering with New Regulations

Kampala, Uganda - The Ugandan government has introduced new anti-money laundering regulations aimed at combating financial crimes and protecting the country’s economy.

Stricter Measures for Financial Institutions

The Anti-Money Laundering (Amendment) Regulations, 2023 come into effect immediately, mandating financial institutions to implement stricter measures to prevent money laundering and terrorist financing. The regulations require:

• Regular customer due diligence
• Monitoring of transactions
• Reporting of suspicious activities to the Financial Intelligence Authority
• Maintenance of records of all transactions for a minimum period of five years

Enhanced Enforcement and Penalties

The new rules also empower the Financial Intelligence Authority to conduct inspections and investigations on financial institutions to ensure compliance with anti-money laundering regulations. Additionally, stiffer penalties are introduced for those found guilty of money laundering, including:

• Fines
• Imprisonment

Industry Response

Industry experts have welcomed the new regulations, saying they will help improve transparency and accountability in the financial sector.

“Anti-money laundering regulations are crucial in preventing financial crimes and protecting our economy,” said a spokesperson for the Uganda Financial Institutions Association. “We commend the government for taking this important step.”

Strengthening Anti-Money Laundering Regime

The Ugandan government has been working to strengthen its anti-money laundering regime, following concerns raised by international bodies such as the Financial Action Task Force (FATF).

Key Step towards Global Compliance

The new regulations are seen as a key step in improving Uganda’s compliance with global standards on anti-money laundering and combating terrorist financing.