Regional central banks urged to fight terrorism financing

By Moses Kyeyune

Central Banks in the East African region have been asked to form synergies to combat terrorism financing and money laundering.

The call has been made by the Governor of Bank of Uganda, Prof Emmanuel Tumusiime Mutebile, at the East African Monetary Affairs Committee meeting held in Kampala on Friday morning.

The meeting held at the Central Bank was also attended by the Burundian central bank governor.

Mutebile says the region is faced with risks that come with growing use of E-currency amid inadequate regulatory measures.

The governor’s call comes at a time authorities in Uganda have cautioned the public against dealing in crypto currency, since it is not a legal tender and the bank has no jurisdiction over it.

Crypto currency players such as One Note and Bit-Coin are already operating in other economies, and they are increasingly penetrating the East African region.

At the same meeting, the governor has also blamed the delayed East African economic integration process on the slow economic growth among member states.

He also says that the integration has faced challenges from slow growth levels in the private sector in the face of a sharp increase of non-performing loans.

He however says that the Monitoring Affairs Committee gives an opportunity to take stoke of progress attained in steering progress on the East African Monetary Union.