Financial Intelligence Authority allays fears of Uganda being black listed

By Benjamin Jumbe

The Financial Intelligence Authority has allayed fears of Uganda being black listed by the Financial Action Task Force.

This comes amidst growing public concern especially from players in the financial industry that the country could soon be blacklisted by international systems for failure to put in place measures to effectively prevent financial crimes like money laundering.

Uganda was put on the ‘Grey List’ which features countries whose measures against money laundering and terrorism financing, are not satisfactory and need to upgrade.

Addressing journalists in Kampala, the executive director of the Financial Intelligence Authority Sydney Asubo said, the Financial Action Task Force (FATF) in its assessment had highlighted 22 action Plans that Uganda needed to work on so as to meet the international requirements.

He however says of these, 6 have since been handled, adding that all the concerned stakeholders are working together to ensure that the remaining issues are also fixed

Todate, only Iran and North Korea are the countries on the blacklist, while the grey list has 24 countries including Uganda.

Written by Noelyn Nassuuna