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What it means for Uganda to be removed from Financial Action Task Force’s ‘Grey list’ 

Stephen Kalema by Stephen Kalema
1 year ago
in Business, Finance
1 0
Minister of State for Finance, Henry Musasizi

Minister of State for Finance, Henry Musasizi

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On Friday, during the 5th plenary meeting of the Financial Action Task Force (FATF), a global authority on countering money laundering and terrorist financing, announcements were made praising the United Arab Emirates, Barbados, Gibraltar, and Uganda for moving from the grey list.

The aforementioned four countries were complimented for their noteworthy progress in addressing the strategic shortfalls in anti-money laundering and counter-financing of terrorism (AML/CFT) that were discovered in earlier mutual assessments.

After successful on-site visits, these countries will no longer be subject to increased monitoring, according to FATF. Instead, in order to strengthen their AML/CFT/CPF regimes even more, they will work with the FATF-Style Regional Body, of which they are members.

In terms of Uganda’s role in international financial transactions, this development represents a stronger commitment to reducing money laundering and financing of terrorism. It proposes enhanced enforcement procedures and regulatory frameworks, which would raise Uganda’s reputation and dependability in global financial transactions. However, ongoing efforts will be required to uphold compliance and successfully stop cross-border illicit money activity.

A noteworthy accomplishment in Uganda’s fight against money laundering and terrorist funding is the country’s removal from the Financial Action Task Force’s (FATF) grey list. A list of countries considered to have weak anti-money laundering and counter-terrorist financing (AML/CFT) policies is known as the FATF grey list.

A nation’s financial system may suffer from being on this list in a number of ways, such as limitations on cross-border transactions and heightened attention from international financial institutions.

Therefore, the FATF’s assessment of Uganda’s AML/CFT framework shows that the country has significantly improved since it was taken off the grey list. In order to prevent money laundering and the funding of terrorism, laws and regulations may be passed and successfully implemented.

Additionally, regulatory and law enforcement agencies may be strengthened, financial transparency may be increased, and international cooperation in the fight against financial crimes may be strengthened.

Not only would Uganda’s removal from the FATF grey list improve its standing within the global financial community, but it would also make it easier for it to access international financial markets and do business internationally. In addition to supporting Uganda’s general economic development and stability, it shows the country’s dedication to maintaining international standards in financial integrity.

The Grey list

The nations or regions that the FATF considers to be “jurisdictions under increased monitoring” are listed on the FATF grey list. These are the nations that are actively collaborating with the Financial Action Task Force (FATF) to rectify the strategic shortcomings in their anti-money laundering, anti-terrorist financing, and anti-proliferation financing policies.

Currently, in East Africa, Tanzania, South Sudan, and the Democratic Republic of Congo are still on this list, while Kenya has just been added to the list, asking them to increase monitoring.

The Black list

The “blacklist” maintained by the FATF lists “high-risk jurisdictions subject to a call for action.” These are the nations or regions with the worst record in combating money laundering, the financing of terrorism, and the financing of proliferation.

All FATF members are urged to undertake heightened due diligence, as well as countermeasures in some situations, for nations that are placed on the blacklist.

Under this list, there are only three countries; Democratic People’s Republic of Korea, Iran, and Myanmar.


Do you have a story in your community or an opinion to share with us: Email us at editorial@watchdoguganda.com
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