Cabinet approves anti-money laundering amendment bill

Kampala, Uganda | THE INDEPENDENT | Cabinet has approved the anti-money laundering amendment bill, 2018. The amendment is meant to bolster Uganda’s global reputation and cooperation in fighting money laundering and terrorism financing.

Media Centre Deputy spokesperson Col. Shaban Bantariza said the amendment will enable Uganda to get admitted in the Egmont Group, a united body of 159 Financial Intelligence Units (FIUs). The Egmont Group provides a platform for the secure exchange of expertise and financial intelligence to combat money laundering and terrorist financing.

The group also supports the efforts of its international partners and other stakeholders to give effect to the resolutions and statements by the United Nations Security Council, the G20 Finance Ministers, and the Financial Action Task Force, among others.

Developing countries, like Uganda, benefit from capacity building provided by the group and information shared among member financial intelligence institutions.

“Financial Intelligence Units (FIUs) around the world are obliged by international Anti Money Laundering and Counter Financing of Terrorism (AML/CFT) standards to exchange information and engage in international cooperation. As an international financial intelligence forum the Egmont Group both facilitates and prompts this amongst its member FIUs,” the group says on its website.

Uganda was in November 2017 removed the from the money laundering list of shame. This landmark decision was made during a technical review session convened by the Financial Action Task Force (FATF) in Argentina in 2017.

Uganda was placed on the FATF list of shame in February 2014. The list has the names of member countries that have weaknesses in their anti-money laundering regimes, particularly in areas of legislation and enforcement.

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