Parliament has passed new amendments to the Anti-Money Laundering Act

Parliament has passed new amendments to the Anti-Money Laundering Act intended to tighten the noose on terrorists and those who finance terror.

The bill was introduced in November 2016 and referred to parliament’s committee on Finance to harmonize key definitions used in the 2013 Anti-Money Laundering Act.

The bill also provides for the carrying out risk assessment by accountable persons while providing for procedures relating to suspicious transactions and exchange of information obligations by international best practices.

With the new amendments, government will be required to establish a Uganda Anti-Money Laundering Committee that will be charged with over-seeing monitory transactions.

Written by David Kugonza