Overview:
President Museveni stressed the importance of prioritizing information sharing, capacity building, and policy harmonization to improve the region's ability to detect, prevent, and prosecute money laundering and terrorism financing.
President Yoweri Kaguta Museveni has reiterated Uganda’s dedication to supporting regional and global initiatives aimed at strengthening financial transparency and security.
In a message delivered by Prime Minister Robinah Nabbanja at the opening of the 49th Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) Taskforce of Senior Officials meeting at Speke Resort on Wednesday, the President emphasised the critical need for enhanced cooperation in combating money laundering and terrorism financing.
The Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) is a Financial Action Task Force (FATF)-style regional body (FSRB). FSRBs are regional inter-governmental organizations whose purpose is to combat money laundering and the financing of terrorism and proliferation. They play a vital role in ensuring member countries implement the FATF Recommendations. The FATF sets international standards to prevent these illicit activities. Countries are assessed on their compliance, and those with significant deficiencies may be placed on the “grey list,” indicating increased monitoring.
President Museveni stressed the importance of prioritizing information sharing, capacity building, and policy harmonization to improve the region’s ability to detect, prevent, and prosecute money laundering and terrorism financing.
He commended ESAAMLG for its crucial role in facilitating Uganda’s recent removal from the FATF grey list in 2024. This removal signifies Uganda’s progress in strengthening its anti-money laundering and counter-terrorism financing (AML/CFT) framework.
“Money laundering and the financing of terrorism and proliferation of weapons of mass destruction are not mere financial crimes; they pose direct threats to our national security, economic stability, and development,” stated the President.
Minister of State for General Duties Henry Musasizi, representing Finance Minister Matia Kasaija, highlighted the deliberate steps Uganda has taken to enhance its AML/CFT legal, regulatory, and operational regime. He noted Uganda’s adoption of a risk-based approach to supervision, aligning with international best practices.
Permanent Secretary/Secretary to the Treasury (PSST) Ramathan Ggoobi, who led Uganda’s delegation, underscored the evolving challenges posed by the misuse of emerging technologies, the cross-border nature of illicit financial flows, and persistent vulnerabilities within existing AML/CFT frameworks. He called for a more unified, strategic, and adaptive regional response.
The emphasis on a risk-based approach indicates Uganda’s commitment to allocating resources and efforts according to the level of risk associated with different sectors and activities. The recognition of the misuse of emerging technologies highlights the need for continuous adaptation to address evolving financial crime tactics, including those involving cryptocurrencies and online platforms.
This meeting signifies Uganda’s proactive stance in strengthening its financial system and contributing to regional and global efforts to combat financial crimes.