Overview:
Established under the Anti-Money Laundering Act, the Financial Intelligence Authority is mandated to detect and deter money laundering by receiving, analysing and disseminating financial intelligence to law enforcement and other competent authorities for investigation and prosecution of financial crimes.
Finance Minister Henry Musasizi has directed the Financial Intelligence Authority (FIA) to strengthen Uganda’s anti-money laundering and counter-terrorism financing regime, warning that financial crime poses a threat to the country’s economic stability and international reputation.
Speaking during a meeting with the FIA Board and management at the Ministry of Finance, Musasizi said the authority must ensure Uganda complies with international standards aimed at protecting the integrity of the financial system.
“Money laundering, terrorism financing and the financing of weapons proliferation undermine the credibility and reputation of the country. FIA must continue working diligently to safeguard Uganda’s economy from these financial crimes,” Musasizi said.
The minister also commended the authority’s leadership for strengthening Uganda’s financial intelligence framework and positioning FIA as a key institution in combating illicit financial flows.
“I thank the Board and Management for their commitment to making FIA a centre of excellence in the fight against money laundering, terrorism financing and proliferation financing,” he said.
Established under the Anti-Money Laundering Act, the Financial Intelligence Authority is mandated to detect and deter money laundering by receiving, analysing and disseminating financial intelligence to law enforcement and other competent authorities for investigation and prosecution of financial crimes.
FIA Board Chairperson Alinaffe Kalule said the authority remains committed to executing its mandate and preserving the integrity and stability of Uganda’s financial system.
He noted that Uganda is expected to undergo another round of mutual evaluation in 2028 to assess the country’s compliance with international anti-money laundering and counter-terrorism financing standards.
FIA Executive Director Samuel Were Wandera told the minister that the authority is finalising a Bill that will regulate virtual assets and virtual asset service providers, as Uganda moves to strengthen oversight of emerging digital financial services and address potential risks associated with cryptocurrencies and related technologies.