Uganda removed from FATF grey list

Uganda removed from FATF grey list
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Uganda has been removed from the Financial Action Task Force (FATF) grey list, highlighting the country's unwavering commitment to improving financial transparency and combating money laundering and terrorism financing.

The announcement to delist Uganda from the FATF grey list was made by FATF President, Raja Kumar, during the outcomes presentation of the fifth plenary meeting held in Paris, France.

In February 2020, the FATF, an intergovernmental organisation that sets global standards for combatting illicit finance, placed Uganda on its Increased monitoring list, commonly known as the Grey List, due to strategic deficiencies in Anti-Money Laundering and Countering Financing Terrorism (AML/CFT) measures.

Since then, Uganda has implemented a series of rigorous reforms, demonstrating substantial progress in aligning its AML/CFT framework with international standards.

These reforms include adopting a national AML/CFT and Countering the Proliferation Financing (CPF) Strategy, enhancing the use of Mutual Legal Assistance, maintaining comprehensive statistics, implementing risk-based supervision of the financial and Designated Non-Financial Business and Professionals (DNFBP) sectors, and establishing procedures to trace and seize proceeds of crime.

Uganda has also bolstered the capacity of law enforcement agencies to conduct investigations and prosecutions related to terrorism financing and implemented targeted financial sanctions to combat proliferation financing.

Expressing his excitement about this achievement, Samuel Were Wandera, the Executive Director of the Financial Intelligence Authority (FIA) Uganda, emphasized Uganda's commitment to fostering a transparent and secure financial environment.

He credited the government and regulatory authorities for their concerted efforts in strengthening the AML/CFT framework and safeguarding the country's financial system from illicit financial activities.

Since February 2020, when Uganda was placed on the Grey List, Wandera explained that the government has made a high-level political commitment to collaborate with FATF and the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG).

Uganda has actively worked to enhance the effectiveness of its AML/CFT regime by implementing the 22-point action plan agreed upon with FATF.

Wandera assured FATF delegates, Ugandans, and the international community of Uganda's determination to build upon the achievements made during this period and further strengthen the AML/CFT/CPF regime.

To fulfill this commitment, Uganda will strengthen the National Task Force, engage more with the private sector, and enhance the capacity of institutions involved in combating money laundering and terrorist financing crimes.

He emphasised that Uganda's successful exit from the FATF Grey List not only reinforces its reputation as a responsible member of the global financial community but also enhances its appeal to investors and facilitates greater access to international financial markets.

Wandera expressed gratitude to FATF for their constructive engagement and guidance throughout the process, emphasising Uganda's ongoing dedication to sustaining momentum in strengthening its AML/CFT framework and contributing to global efforts in combating financial crime.

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