Uganda to be blacklisted over money laundering

14 April 2022 09:29 pm - 14 - {{hitsCtrl.values.hits}}

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Uganda’s financial industry risks being blacklisted by international systems for failure to put in place measures that can effectively prevent financial crimes like money laundering.

This is a requirement by the Financial Action Task Force (FATF), a global inter-governmental organization on the initiative of the G7countries to develop policies to combat money laundering and terrorism financing.

Uganda was put on the ‘Grey List’, a list that shows the performance of countries regarding the safety or level of risk of their financial systems. This came after the FATF declined to adopt Uganda’s Money Laundering and Terror financing risk assessment report done by the Ministry of Finance, the Financial Intelligence Authority (FIA) and some NGOs in 2018.

This was what the European Union based on to blacklist Uganda’s financial sector.

This means transactions originating from Uganda or made through Uganda’s financial system and cash from or to the country, face more scrutiny by the international systems, which leads to delays in concluding the business transactions.

This delays business transactions and increases the cost of doing business. But experts say when a country is black-listed, countries or other financial jurisdictions block some transactions if they cannot ascertain the source or destination of the money, or prove that it has nothing to do with money laundering.

To avoid being downgraded to the “Blacklist”, Uganda must submit a revised report by May 2022, showing improvements responding to the gaps that were cited in the current report. A Grey List features countries whose measures against money laundering and terrorism financing, are not satisfactory and need to upgrade, The Independent reported.

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Comments - 14

Banda Thursday, 14 April 2022 10:30 PM

Oh boy the rajapakses must be panicking!!

Lakmal Kahawela Thursday, 14 April 2022 11:17 PM

What about the transactions already done by Mahinda Rajapakse. FATF should make arrangements to get this money back to Sri Lanka

Ravi Soysa Thursday, 14 April 2022 11:32 PM

Oohh, dear! What about the few millions, (no BILLIONS!!) we have there??!!

Saman Thursday, 14 April 2022 11:47 PM

Hope that our looted money invested in Uganda get back soon.

Ted Cruz Thursday, 14 April 2022 11:53 PM

Rajapakshas better dissolve their shell companies and move the money somewhere else. Perhaps Nigeria.

Gb Friday, 15 April 2022 10:30 AM

102 tonnes of printed material was moved from sl to Uganda in 2021, they say its Ugandan currency but I'm sure its all dollars

P lack marketers Friday, 15 April 2022 11:56 AM

Good news for srilankans and bad news for Rajapaksha family. THIS family will get this country also blak listed very soon. Because of this family the entire nation is suffering to this extent. They can cheat everyone but there's a God above to punish them.

Anto Friday, 15 April 2022 03:16 PM

what about maldives...

Roshan Friday, 15 April 2022 03:18 PM

This is what Sri Lankan said. Rajapaksha destroyed Sri Lanka and Uganda helped him. #Gohomegota2022.

ACL Friday, 15 April 2022 05:07 PM

Good I hope the Rajapakses also get black listed from everywhere in this world including Sri Lanka.. They will be without a Country and not a penny to their name

Pujitha Gunawardane Friday, 15 April 2022 05:29 PM

It is now upto the Central Bank and the FIU to use their wide powers initiate an inquiry into who shipped tons of “printed material” by a special aircraft to Uganda a haven for tax dodgers and a country on the Gray List of FATF and soon due to be Blacklisted. Dr Nandalal, the Country is watching you. Don’t resort to the dirty tactics of your predecessor Cabraal.

John Smith Friday, 15 April 2022 05:37 PM

Poor Uganda is another country like ours, a colony of India. It's economy and the financial system is in the hands of Indian colonists parasites who operates money laundering.

sam Friday, 15 April 2022 06:01 PM

What will happen to the stolen money invested there?

Anne Karunaratne Friday, 15 April 2022 06:15 PM

Are we next??? Entire nation will be paying for the rajapakses sins!

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Uganda to be blacklisted over money laundering

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