The Financial Intelligence Authority (FIA) is a semi –autonomous body established under the Anti-Money Laundering Act 2013 and as amended in 2017 to: Combat Money Laundering and Financing of Terrorism activities.
To be a centre of excellence in combating money laundering and financing of Terrorism
To foster the integrity of the financial system through effective detection and prevention of financial crime.
The Financial Intelligence Authority is a semi-autonomous agency established under the Anti-Money laundering Act, 2013 to; combat money laundering activities; make orders in relation to proceeds of crime and properties of offenders; impose certain duties on institutions and other persons, businesses and professions who might be used for money laundering purpose; provide for international cooperation; and designate money laundering as an extraditable offence.
Functions of the Authority;
- Receive, process, analyze and interpret information disclosed to it and obtained by it in terms of the Act;
- Refer any matter or information derived from any report or information it receives to the appropriate law enforcement agency, if on the basis of its analysis and assessment, it has reasonable grounds to suspect that the transaction would be relevant to the investigation or prosecution of a money laundering offence, terrorist financing offence or any serious offence;
- Inform, advise and cooperate with other competent authorities;
- Give guidance to accountable persons, competent authorities, and other persons regarding compliance with the Act;
- Retain the information disclosed and/or obtained by it in a prescribed manner for a period of at least ten years;
- Collect fines adjudicated under the Act;
- Issue guidelines to accountable persons not under the jurisdiction of supervisory authorities, in relation to customer identification, record keeping, reporting obligations and the identification of suspicious transactions; and
- May provide training programs for accountable institutions in relations to customer identification, record keeping, reporting obligations and the identification of suspicious transactions.
- Register, and keep a register of all accountable persons.
- Supervise, monitor and ensure compliance of the Act by all accountable persons in consultation with respective regulatory authorities.
- Impose administrative sanctions on accountable persons who fail to comply with directives, guidelines or requests issued by the Authority.
The International Standards on Anti-Money Laundering and Combating Financing of Terrorism (AML/CFT), requires that countries identify, assess and understand the Money Laundering and Terrorist Financing (ML/TF) risks that they are exposed to, and ensure that the risks identified are mitigated effectively. In fulfilment of this requirement, the Government of Uganda through the Ministry of Finance, Planning and Economic Development, under the co-ordination of the Financial Intelligence Authority (FIA), conducted a National ML/FT risk assessment. The assessment was concluded in March 2017 and the NRA report produced was considered and adopted by Cabinet in August, 2017. The report is available at FIA website; www.fia.go.ug
Uganda’s legal framework is largely in line with international standards developed by Financial Action Task Force (FATF) on AML/CFT framework. Uganda has criminalized all designated categories of offences mentioned in the FATF standards as predicate offences which generate proceeds which may be subject to be laundered. These include; participation in an organized criminal group and racketeering; terrorism, including terrorist financing; trafficking in human beings and migrant smuggling; sexual exploitation, including sexual exploitation of children; illicit trafficking in narcotic drugs and psychotropic substances; illicit arms trafficking; illicit trafficking in stolen and other goods; corruption and bribery; fraud; counterfeiting currency; counterfeiting and piracy of products; environmental crime; murder, grievous bodily injury; kidnapping, illegal restraint and hostage-taking; robbery or theft; smuggling; (including in relation to customs and excise duties and taxes); tax crimes (related to direct taxes and indirect taxes); extortion; forgery; piracy; and insider trading and market manipulation
1. Exit of Uganda from the watch list of Financial Action Task Force-International Cooperation Review Group (FATF-ICRG) after making significant progress in implementing AML/CFT deficiencies which were highlighted in its Mutual Evaluation Report 2005.
2. Successful coordination of the national risk assessment (NRA) report which highlighted the risks and vulnerabilities which Uganda is exposed to in relation to money laundering and financing of terrorism in 2017.
3. In 2016 coordinated the exercise of undertaking the Second Round of Mutual Evaluation of Uganda’s AML/CFT using the FATF revised methodology of 2012. Uganda was the first ESAAMLG country to undergo the second round of evaluation using this new methodology.
4. Public awareness campaigns have been undertaken and sensitization made to several stakeholders including banks, forex bureaus, insurance companies etc. about their obligations on AML/CFT preventive measures and reporting requirements.
5. Acquisition of the goAML electronic reporting system that provides a safe and secure platform for reporting of suspicious transactions and other information. The system is currently undergoing a piloting phase with selected commercial banks.
6. Information sharing with similar AML bodies in the region and signing of MOUs with counterpart’s organisations and government agencies leading to increased cooperation in fighting financial crime.
The Second schedule of the AMLA lists the accountable persons who have an obligation of submitting reports (Suspicious and Large Cash) to FIA. These include;
1. Advocates as defined in the Advocates Act, notaries licensed and certified under the Notaries Public Act, accountants as defined in the Accountants
2. A board of executors or a trust company or any other person that invests, keeps in safe custody, controls, or administers trust property within the meaning of the Trustees Act;
3. Casinos (which also includes internet casinos);
4. Real estate agents
5. Dealers in precious metals and gems.
6. Trust and company service providers not covered elsewhere in the schedule which as a business provide any of the following services to third parties.
7. A financial institution as defined in the Financial Institutions Act.
8. A broker, dealer or investment advisor licensed under the Capital Markets Authority Act.
9. An insurance company licensed under the Insurance Act.
10. Registrars of Companies.
11. Registrars of Land.
12. The Uganda Investment Authority.
13. All licensing authorities in Uganda.
14. Any other person who conducts the business of acceptance of deposits and other repayable funds from the public including private banking, lending including, inter alia, consumer credit, mortgage credit, the transfer of money or value, issuing and managing means of payment
15. Non-governmental organizations, churches and other charitable organizations.
S. 20 of the Anti-Money Laundering Act, (AMLA) gives FIA the mandate to share its reports with competent authorities. These are investigative, prosecuting, judicial, regulatory or supervisory authorities of the Government of Uganda (as defined in the AML Act). These Include;
- Uganda Revenue Authority
- Inspectorate of Government
- Uganda Police Force
- Uganda Wildlife Authority
- Director of Public Prosecution
While executing our mandate, the FIA works with various stakeholders which include among others;
- Uganda Police Force
- Uganda Registration Services Bureau
- NGO Board
- Ministry of Internal Affairs
- National Identification and Registration Authority
- Ministry of Lands
- Foreign Financial Intelligence Units
Financial Intelligence Authority
Rwenzori Towers (Wing B)
4th Floor, Plot 6, Nakesero Road
P.O.Box 9853, Kampala