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Uganda Calls for Stronger Regional Collaboration in Anti-Money Laundering Reforms at ESAAMLG Meeting
Uganda has reaffirmed its commitment to strengthening anti-money laundering (AML) and counter-terrorism financing (CFT) measures, emphasizing the importance of Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) Mutual Evaluations in driving regional financial reforms.
Speaking at the opening ceremony of the 49th ESAAMLG Task Force of Senior Officials Meeting in Kampala, Uganda’s Minister of Finance, Planning, and Economic Development, Hon. Matia Kasaija, underscored the country’s dedication to enhancing financial integrity and called for stronger collaboration among member states.
“Mutual Evaluations provide a valuable platform to review compliance with Financial Action Task Force (FATF) Standards and enhance cooperation in the fight against organized crime and terrorism,” Kasaija stated.
He commended Eritrea for undergoing its Mutual Evaluation and encouraged other nations to view the assessment as an opportunity for reform rather than criticism. “As we all prepare for the Third Round of Mutual Evaluations, let us embrace these assessments not as criticisms but as opportunities to strengthen our systems and reinforce our shared commitment to financial integrity,” he added.
Uganda’s Progress in Strengthening Financial Security. Kasaija highlighted Uganda’s recent achievements in fortifying its AML/CFT framework, including:
-Removal from FATF Grey List: In 2024, Uganda successfully addressed deficiencies in its legal and regulatory framework, leading to its removal from the FATF “grey list” of countries under increased monitoring.
– Strengthening the Legal Framework: Amendments to the Anti-Money Laundering Act and Anti-Terrorism Act have aligned Uganda’s laws with FATF Standards.
– Enhancing Financial Oversight: Regulatory bodies such as the Financial Intelligence Authority (FIA), the Bank of Uganda, and the Capital Markets Authority have adopted a risk-based approach to supervision.
– Improved Coordination and Prosecution: The National AML/CFT Task Force and law enforcement agencies have enhanced intelligence-sharing, leading to successful investigations and asset recoveries.
Tackling Emerging Financial Threats
Despite Uganda’s progress, Kasaija warned of new financial crime threats, including:
– Virtual assets and cryptocurrency transactions pose risks due to limited oversight. Environmental crimes and illicit trade, which fuel money laundering networks.
“We must remain vigilant in addressing new threats, including those posed by virtual asset service providers (VASPs),” Kasaija cautioned. “Addressing these challenges requires innovation, sustained political will, and strong collaboration among all stakeholders.”
Regional Collaboration for Financial Stability
As the ESAAMLG meeting continues, stakeholders will deliberate on capacity building, intelligence-sharing, and policy coordination to enhance financial security across Eastern and Southern Africa. Uganda’s leadership at the forum underscores its unwavering commitment to upholding financial integrity, ensuring compliance with global standards while safeguarding economic stability and national security.
Uganda’s Permanent Secretary and Secretary to the Treasury, Ramathan Ggoobi, also echoed these sentiments, stressing the need for member states to work together in addressing financial crimes. “We commend Eritrea for undergoing its assessment, which will be discussed during this meeting, and extend our full support. Let us embrace these evaluations as tools for improvement, not criticism,” Ggoobi emphasized.
With the rise of cryptocurrency-related financial crimes, ESAAMLG member states are being urged to strengthen oversight of virtual asset activities to prevent risks such as money laundering and fraud. The discussions in Kampala are expected to reinforce regional efforts in ensuring that Eastern and Southern Africa remains resilient against financial crimes, promoting sustainable economic growth and financial stability.
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