Summary:
Minister Musasizi highlighted Uganda’s adoption of a risk-based approach to supervision, completion of the second National Risk Assessment (NRA), and establishment of effective coordination mechanisms, including the National AML/CFT Task Force.
KAMPALA: The Minister of State for Finance, Planning, and Economic Development, Hon. Henry Musasizi, has announced that Uganda has made significant progress in strengthening its Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) framework.
Key achievements include Uganda’s removal from the Financial Action Task Force (FATF) “grey list,” enhanced AML/CFT laws and regulations, and the strengthened role of the Financial Intelligence Authority in enforcement.
Speaking at the 49th Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) Task Force of Senior Officials meeting, Minister Musasizi highlighted Uganda’s adoption of a risk-based approach to supervision, completion of the second National Risk Assessment (NRA), and establishment of effective coordination mechanisms, including the National AML/CFT Task Force.
The Permanent Secretary/Secretary to the Treasury, Ramathan Ggoobi, emphasized Uganda’s significant strides in AML/CFT reforms. He underscored capacity building, public-private partnerships, and international cooperation as essential pillars of Uganda’s strategy against financial crimes.
Ggoobi reaffirmed Uganda’s commitment to implementing FATF standards and collaborating with ESAAMLG to strengthen legal, regulatory, and institutional frameworks. He also noted the importance of ESAAMLG Mutual Evaluations, seeing them as opportunities to reinforce financial integrity.
Samuel Were Wandera, Executive Director of the Financial Intelligence Authority, reiterated Uganda’s commitment to combating money laundering, terrorism financing, and proliferation financing. He described hosting the meeting as a milestone in advancing AML/CFT efforts in Uganda and the region.
Wandera praised Uganda’s robust legal, regulatory, and institutional framework as evidence of the government’s dedication to financial integrity and stability.
He also acknowledged the Ministry of Finance, Planning, and Economic Development for fully funding the meeting and supporting AML/CFT initiatives.
Recognizing the delegates’ busy schedules, he encouraged them to experience Uganda’s renowned hospitality, describing it as the “Pearl of Africa” with breathtaking landscapes, diverse cultures, and warm people.
Prime Minister Rt. Hon. Robinah Nabbanja emphasized that money laundering, terrorism financing, and the proliferation of weapons of mass destruction pose direct threats to national security, economic stability, and development.
She warned that if left unchecked, these illicit activities could erode trust in financial institutions, deter investment, and fuel criminal networks.
Nabbanja commended ESAAMLG for fostering regional cooperation, supporting capacity building, and ensuring compliance with FATF standards.
She reaffirmed Uganda’s full commitment to the ESAAMLG agenda and pledged continued support for regional and global efforts to enhance financial system transparency and combat illicit financial flows.
