Uganda has seen the light of day after being removed from the FATF grey list four years down the line. This comes after the East African country finally implements reforms needed to combat illicit financial flows.
The country was placed in the grey list back in 2020 due to strategic deficiencies in Anti-Money Laundering and Countering Financing Terrorism (AML/CFT) measures. More so, as per the Uganda’s Financial Intelligence Authority (FIA), Uganda has implemented a series of rigorous reforms and demonstrated substantial progress in aligning its AML/CFT framework with International standards. This ultimately leading to the countries deletion form FATF grey list.
Commenting about the remove from FATFs grey list,Samuel Wandera, FIA Executive Director said, “Uganda’s exit from the FATF Grey List is a testament to our unwavering commitment to fostering a transparent and secure financial environment. It reflects the concerted efforts of our Government and Regulatory Authorities to strengthen our AML/CFT framework and safeguard our financial system from illicit financial activities.”
What Uganda did to get off the List?
The country adopted the aspect of Countering of Proliferation Financing Strategy which has helped in enhancing the use of Mutual Legal Assistance and maintaining comprehensive statistics.
Read Also: Kenya Proposes Bitcoin Trade Regulation in Fear of Grey Listing
Uganda also developed and implemented a risk-based supervision of the financial and Designated Non Financial Business and Professionals (DNFBP) sectors, ensured that Law Enforcement Agencies and Judicial authorities apply the ML offence consistent with the identified risks as well as establishing procedures to trace and seize proceeds of crime.
Additionally, according to Wandera the country also sought regional collaboration with other anti-money laundering organizations with the aim of combating illicit financial inflows. He said, “Government of Uganda has been actively working to strengthen the effectiveness of its Anti-Money Laundering/Countering Financing of Terrorism (AML/CFT) regime to implement the action plan agreed to, with the FATF which comprised of 22 Action items.”
The exit from grey list is great news to the Uganda’s economy as the country can now access and attract investors.
