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Prime Minister Nabbanja Leads Call for Stronger Regional Cooperation at ESAAMLG Summit
Prime Minister Robinah Nabbanja has reaffirmed Uganda’s commitment to combating money laundering and terrorism financing as she led the 49th Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) Taskforce of Senior Officials at Speke Resort Munyonyo. Representing President Yoweri Kaguta Museveni, Nabbanja delivered a strong message on the need for regional collaboration to safeguard financial systems.
Addressing delegates, the Prime Minister underscored the grave threat posed by illicit financial flows, which continue to drain Africa of billions of dollars annually. She emphasized that these crimes are not just financial infractions but national security threats that demand a united front.
“Money laundering and terrorism financing are direct threats to our economic stability and development. If left unchecked, these illicit activities have the potential to undermine trust in financial systems, discourage investment, and fuel corruption,” she stated.
The summit brought together ministers, heads of government agencies, and international partners to discuss strategies for strengthening anti-money laundering (AML) and counter-financing of terrorism (CFT) frameworks. A key focus was the evolving tactics of criminal networks that exploit regulatory weaknesses across borders.
“Terrorist groups and organized criminal networks continue to finance their activities through illegal trade, drug trafficking, and exploitation of weak regulatory frameworks. Strengthening compliance with global standards, such as those set by the Financial Action Task Force (FATF), is crucial in this fight,” Nabbanja added.
Uganda’s recent removal from the FATF “grey list” was acknowledged as a significant milestone. The Prime Minister credited this achievement to collaborative efforts with international partners and the strengthening of Uganda’s legal and institutional framework.
“On behalf of the people of Uganda, I commend ESAAMLG for its contribution towards Uganda’s removal from the FATF grey list in 2024. This success demonstrates our unwavering commitment to financial transparency and accountability,” she noted.
The rise of digital financial platforms was highlighted as both an opportunity and a challenge. The summit recognized that while digitalization has revolutionized financial services, it has also provided new channels for illicit activities. Delegates agreed on the need for enhanced cyber regulations and closer cooperation among financial intelligence units.
“There is an urgent need for information sharing, capacity building, and harmonization of policies that will enhance our region’s ability to detect, prevent, and prosecute financial crimes,” Nabbanja urged.
The conference also touched on the broader economic challenges facing Africa, with Nabbanja emphasizing the importance of industrialization and economic integration to reduce vulnerability to financial crimes.
“As we advocate for peace, it is critical that industrialization is embraced. Exporting unprocessed raw materials is unfavorable to our economies. We must prioritize value addition to create jobs and generate wealth,” she stated in her address.
The summit concluded with a call for collective action in ensuring the integrity of the global financial system. Prime Minister Nabbanja reaffirmed Uganda’s commitment to the ESAAMLG agenda, pledging continued support for regional and global initiatives aimed at combating illicit financial activities.
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