Financial Intelligence Authority established

The Inspectorate of Government has established the Financial Intelligence Authority aimed at formalizing the Anti- Money Laundering Act.

The Anti- Money Laundering Act passed in 2013 is aimed at curbing trans-border money laundering and terrorism financing.

The Director Legal Affairs Sydney Asubo says the Authority will have the mandate to monitor the financial deposits and withdraws of financial institutions and Forex Bureaus.

Asubo says the financial institutions will be required to submit to the authority all financial records on any transaction above 20 million shillings.

The responsibility of these organisations is to report to us any transaction that is suspicious where they think that there could be money laundering they don’t need to have proof. For example if a civil servant has been receiving Sh 3m consistently and then suddenly they have Sh 200m on their account, that has to be reported and investigated”, Asubo explains.

The twelve-member Financial Intelligence Authority is to be chaired by Sydney Asubo.

According to Anti-Money Laundering Act 2013, the Authority shall have its head office in Kampala and may establish branches elsewhere in Uganda as it may decide.

“The authority’s objective are; to enhance the identification of the proceeds of crime and the combating of money laundering,  ensure compliance with this Act, enhance public awareness and understanding of matters related to money laundering,  make information collected by it available to competent authorities and to facilitate the administration and enforcement of the laws of Uganda,  as well as exchange information with similar bodies whose countries have treaties, agreements or arrangements with the Government of Uganda regarding money laundering and similar offences.