Uganda has taken meaningful measures to deal with money laundering, including an expansion of information sharing avenues, to ensure effective implementation of its anti- money laundering regime, but despite the efforts loop holes still exist within the system, resulting to criticism from global oversight bodies.
The efforts of curbing money laundering in the country gained momentum in 2014 with the signing of the four memoranda of understanding by the Financial Intelligence Authority (FIA)-the financial sector policing unit.
The institutions that have committed themselves to end the crusade against money laundering in Uganda include Uganda Revenue Authority, the Capital Markets Authority, the Uganda Registration Services Bureau (URSB) and the Director of Public Prosecutions.
Closer co-operation with URSB is expected to facilitate access to detailed information regarding particulars of shareholders linked to companies implicated in suspicious transactions reported by financial institutions, while collaboration between the FIA and the DPP’s office is expected to increase efficiency in terrorism financing investigations.
The involvement of the URSB is going to increase the access to reliable and detailed information on particulars of the shareholders linked with companies alleged with suspicious transactions that are reported by the financial institutions. And further collaboration FIA and DPP’s office will result to increased efficiency in investigation of terrorism financing.