Ugandan government 'must pass money laundering bill'

Dec 09, 2010

Uganda's government has been urged to accelerate the passing of the country's latest anti-money laundering legislation in order to improve the ease with which cash can be traced.

Lamin Manjang, Chairman of the Uganda Bankers Association and Chief Executive Officer of Standard Chartered Bank, has described the delay to the passing of the Anti Money Laundering Bill 2009 as a "major challenge in the banking industry", New Vision reports.

"We urge the government to pass this bill into law as soon as possible," he commented.

However, Minister of Finance Syda Bbumba remarked that although the law is supported by the government in principal, the substantial size of Uganda's unbanked population and the fact that its economy is largely cash-based mean implementing it will be difficult.

Statistics recently reported by the news source show Uganda is now home to 381 bank branches, with the network having grown substantially over the past ten years.