n Without Prejudice - Uganda Money Laundering law gathers momentum : Africa Uganda
|Article Title||Uganda Money Laundering law gathers momentum : Africa Uganda|
|© Publisher:||JetBlue Publishers (Pty) Ltd|
|Affiliations||1 Bowman Gilfillan|
|Publication Date||Feb 2016|
|Pages||28 - 29|
Money laundering is said to play a key role in a large proportion of criminal activity which, according to International experts, generates around US$1 500bn a year. These activities not only foster continued criminal activity (and terrorism) and threaten the financial systems of the world, but also promote corruption and threaten the foundations of the rule of law. As a result, there has been increasing pressure on governments to develop policies and regulations to combat money laundering. In Uganda, it can be said that the Anti Money Laundering Act 2013 was the result of such effort when it was first introduced in November 2013. More recently, the Uganda Financial Intelligence Authority (UFIA), the agency concerned with implementation of the Act, finally became operational. For now it is focusing on commercial transactions reported to it by the commercial banks.
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