By Ritah Kemigisa
The Executive Director of the Finance Intelligence Authority, Sydney Asubo has warned that Uganda risks being blacklisted by the Financial Action Taskforce (FATF) if the government does not tackle money laundering by May 2022.
Asubo who was appearing before the Committee on Finance said that the FATF maintains a watch list of countries that have significant shortfalls in tackling money laundering categorized under the grey list and the black list.
He says Uganda was placed on the grey list in 2020 adding that, much as the ministry of finance had made commitments to address the issue, they have run out of time.
Asubo said the consequences are dire because the impact of being on the grey list means that the world is aware that the country is having challenges in addressing money laundering.
He says the process of scrutiny for international transactions is now beyond normal since transactions that would take a day or two, are now taking a week or two.
