Uganda's CMA Chief Executive urges passing of financial bills

Dec 15, 2010

Chief Executive Officer of the Capital Markets Authority (CMA) in Uganda Japheth Katto has called on the country's parliament to pass financial bills that will result in sweeping changes to business in the nation.

Bills relating to anti-money laundering, insolvency and insurance are among those that are awaiting approval and Mr Katto said they are all ready to be integrated into law, the Daily Monitor reports. "If the current parliament passed these bills, they would actually make strong history because this can transform the way the business is run in Uganda," he was quoted by the news source as saying, adding there is a need for new legislation to govern the fast-growing local fund management industry, as well as pension funds.

Mr Katto's comments echo those made by Chairman of the Uganda Bankers Association Lamin Manjang earlier in the month, who called for the Anti Money Laundering Bill 2009 to be implemented, according to New Vision. The government needs to approve it "as soon as possible", he remarked.