The Minister of State for Finance (General Duties), Henry Musasizi, has urged the Board and Management of the Financial Intelligence Authority (FIA) to remain vigilant and ensure Uganda continues meeting international standards aimed at protecting the integrity and stability of the country’s financial system.
Musasizi made the remarks during a meeting with FIA leadership, led by Board Chairperson Alinaffe Kalule and Executive Director Samuel Were Wandera, at the Ministry of Finance headquarters in Kampala.
The Minister’s call comes after Uganda’s previous placement under increased monitoring by the Financial Action Task Force (FATF), commonly known as the grey list, following identified gaps in the country’s anti-money laundering and counter-terrorism financing framework.
Uganda was placed under FATF increased monitoring in 2020 but was removed from the list in 2024 after implementing reforms to address the weaknesses identified by the global financial crime watchdog.
Musasizi warned that failure to maintain robust systems against money laundering, terrorism financing and proliferation financing could undermine Uganda’s international financial reputation, investor confidence and ability to conduct smooth global transactions.
He said illicit financial flows and proceeds from criminal activities pose a threat to economic stability, urging FIA to continue strengthening intelligence gathering, analysis and coordination with relevant institutions to combat financial crimes.
“Financing criminal and terrorist activities damages the reputation and credibility of the country. FIA must work diligently to safeguard the economy from the threats posed by financial crime,” Musasizi said.
The Minister commended the FIA Board and Management for transforming the institution into a centre of excellence in combating money laundering, terrorism financing and proliferation financing.
Established to detect and deter money laundering, FIA collects, analyses and disseminates information on suspicious financial transactions to law enforcement agencies responsible for investigating and prosecuting financial crimes.
FIA Board Chairperson Alinaffe Kalule assured the Minister that the Authority remains committed to executing its mandate effectively and promoting the integrity and stability of Uganda’s financial system.
Kalule said Uganda will undergo another mutual evaluation in 2028, which will assess the country’s progress in implementing international standards for combating financial crimes.
“We remain committed to ensuring that Uganda maintains strong systems that protect the financial sector and support economic growth,” Kalule said.
Meanwhile, FIA Executive Director Samuel Were Wandera highlighted ongoing initiatives, including the drafting of legislation to regulate virtual assets and Virtual Asset Service Providers (VASPs).
The proposed law is expected to strengthen oversight of emerging digital financial services and address risks associated with virtual assets, including their potential misuse for money laundering and terrorism financing.
The government says maintaining compliance with global financial crime prevention standards remains critical to protecting Uganda’s economy, attracting investment and preserving confidence in the country’s financial sector.
