Ugandan MPs push for anti-money laundering law

Feb 16, 2010

Uganda's politicians are keen to pass an anti-money laundering law, East African Business Week reports.

Such a development would follow the lead of Kenya, Tanzania, Burundi and Rwanda, all of which have passed a similar law.

Tindamanyire Kabondo Gaudioso, Chairman Finance Committee and Economic Development, is quoted by the publication as saying: "There is a political will to have this bill passed because it's critically needed by the people of Uganda."

The country's politicians would like to pass the Anti-Money Laundering Bill No 13 of 2009 at the first possible opportunity.

This follows a three-day sensitisation workshop for Ugandan MPs in Entebbe, in which the Finance Committee pledged to pass the law. Previously, Kenya's parliament passed the Proceeds of Crime and Anti-Money Laundering Bill in December 2009. In addition, the piece observed that Uganda's Finance Minister Syda Bbumba believes the country needs to overhaul its cash-based economy and replace it with measures to help the unbanked population.