Africa: Uganda Fights to Stop Damning Money Laundering Indictment

Jun 26, 2017 | The Observer (Kampala); All Africa

Uganda will in September host a group of international experts to try and convince them that the country's financial system is well-regulated enough to combat money laundering and terrorism financing.

The visit is being organised on the back of threats that Uganda could be downgraded by the Financial Action Task Force (FATF) to the red zone of the organisations ratings, putting the country at the same level as pariah states such as North Korea and Iran. Last week, the process leading to the September visit gathered momentum in Valencia, Spain, during the FATF meetings, where a team of Ugandan technocrats from the ministry of Finance and Bank of Uganda put up spirited defences of the Uganda financial system's health. They said regulators are alert to block any laundered money. "The FATF plenary has commended our efforts; improvements and endorsed recommendations for an on-site inspection visit to Uganda, which is scheduled for September this year. Their visit is intended to ascertain and confirm that our broad improved systems and financial processes function effectively and seamlessly," a statement from the ministry of finance said at the weekend. Read more on All Africa. Source: All Africa