Task force calls for swift implementation of amendments to anti-money laundering law
The National Non-Profit Making Organization’s working group on the Financial Action Task Force in Uganda has urged the Minister of Finance, Planning, and Economic Development to expedite the issuance of a statutory instrument to implement Parliament’s approval amending Schedule 2 of the Anti-Money Laundering Act, Cap. 118.
According to the task force, this amendment will not only improve the regulatory environment but will also foster trust and collaboration between the government and the non-profit sector.
Speaking to the media from their offices in Ntinda, Kampala, Yonah Wanzala, Director General of the Civic Advisory Hub, said the Financial Intelligence Authority should formally notify all NGOs of their new responsibilities. These include no longer submitting the returns previously required of accountable persons.
“We also call upon the Financial Intelligence Authority to formally notify the NGOs that they no longer required to file suspicious transaction reports,” he said.
On January 23, 2025, Parliament approved a motion to amend Schedule 2 of the Anti-Money Laundering Act, Cap. 118, removing non-governmental organizations (NGOs) from the list of accountable persons in the fight against money laundering.
