Common questions asked by stakeholders and the public.
What is Money Laundering and Terrorism financing?
Money laundering ("ML") includes a wide range of activities and processes which are often intended to conceal the nature, source, location, disposition or movement of the proceeds of crime in a manner that disguises their illegal origin. The relevant laws in Uganda make it an offence to deal with any property, knowing or having reasonable grounds to believe, that such property is the proceeds of crime. The proceeds involved could be in the possession of, or handled by, any person, corporation or other entity. "Proceeds" does not only mean cash or cash equivalent. It means any economic advantage including property derived from or obtained, directly or indirectly, from the committing of a crime, and includes property successively converted, transformed or intermingled. (see Section 1 of the Anti-Money Laundering Act 2013 (AMLA). Terrorist Financing ("TF") means the financing of terrorist acts, and of terrorists and terrorist organizations. The relevant laws in Uganda make it an offence to provide or collect funds, knowing, or with the intention, that the funds will be used to commit terrorist acts; or make any funds or financial services available to or for the benefit of a person, knowing or having reasonable grounds to believe that, that person is a terrorist or terrorist associate.