CSOs seek removal from Anti-money Laundering Act
Civil Society Organizations have protested before the Financial Intelligence Authority to have them removed from the list contained in the Anti-money Laundering Act, which makes them reporting entities.
The Anti-money Laundering law requires such entities to formulate policies, controls, and procedures to monitor and address risks relating to money laundering.
The executive director of Defenders Protection Initiative, Yona Wanjala, says the Anti-money Laundering Act, 2013, is indiscriminate and burdensome, particularly for non-governmental organizations with responsibilities that curtail their operations.
He made the remarks while handing over the policy brief on the justification to de-classify non-profit organizations in Uganda from the list of accountable persons under the 2nd schedule to the AML-Act 2022 as amended.
He says nongovernmental organizations are not supposed to be accountable unless the risk identifies them to be engaging in money maundering.
