LAUNCH OF THE SECOND MONEY LAUNDERING (ML) AND TERRORISM FINANCING (TF) NATIONAL RISK ASSESSMENT REPORT, 2023 FOR UGANDA AND THE TERRORISM FINANCING RISK ASSESSMENT (TFRA) FOR THE NON-PROFIT ORGANISATIONS (NPOs) SECTOR IN UGANDA.
We are thrilled to share a momentous development in our ongoing commitment to financial integrity and security. Last week Thursday, we proudly unveiled the Second Money Laundering (ML) and Terrorism Financing (TF) National Risk Assessment (NRA) Report for Uganda. The Minister of Finance, Planning and Economic Development (MoFPED); - Hon Matia Kasaija officially launched the Money Laundering & Terrorism Financing National Risk Assessment (NRA) Report, 2023 for Uganda on August 10th, 2023 at Serena Hotel Kampala . He also launched the Terrorism Financing Risk Assessment (TFRA) for the Non-Profit Organisations (NPOs) Sector in Uganda. "Government will strongly enforce compliance with AML/CFT requirements to combat money laundering and terrorism financing and its negative impact on the economy and society," said Mr. Kasaija at the launch. This report covers the period from April 2017 to June 2021 and builds on the foundation of the initial assessment published in 2017.
The significance of this assessment cannot be overstated. As the guardians of our financial system, our responsibility is to identify and mitigate risks that threaten the integrity of Uganda's economy. The NRA serves as a beacon, guiding us toward a safer and more resilient financial landscape.
Here are some of the key insights from this comprehensive report:
A Deeper Understanding: The NRA offers a comprehensive analysis of Uganda's exposure to ML/TF risks. We have identified major predicate crimes that generate significant proceeds of crime, providing a deeper understanding of the challenges we face. Evolving Landscape: In the ever-evolving world of financial crimes, staying ahead of emerging trends is crucial. The NRA examines new developments in the Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) landscape, equipping us with valuable insights to combat evolving tactics.
Sectoral Focus: The assessment evaluates vulnerabilities within different sectors of our economy, including the Financial Sector, Designated Non-Financial Businesses and Professions (DNFBPs), Other Financial Institutions, and Non-Profit Organizations (NPOs). By targeting vulnerabilities across sectors, we can adopt a holistic approach to risk mitigation.
A Collaborative Endeavor: We used the World Bank Assessment Tool, which provided Ugandan authorities with a structured platform for self-assessment. The involvement of Working Groups for each module demonstrates our commitment to collaboration, harnessing collective expertise for a more effective approach.
A Proactive Stance: The NRA aligns with FATF standards and emphasizes a risk-based approach (RBA). This approach ensures that our measures to combat ML/TF risks are proportionate to the risks identified. It's a proactive strategy to detect and disrupt threats in a timely manner.
This report isn't just a document; it's a powerful tool that empowers us to make informed decisions, detect vulnerabilities, and take decisive action.
Our journey doesn't end here. We must use the insights from this report to drive continuous improvement, bolster our defenses against financial crimes, and collaborate across sectors for a safer and more resilient financial ecosystem.
The successful launch of the Terrorism Financing Risk Assessment Report for the NPO sector & National Risk Assessment (NRA) Report for Uganda marks a significant milestone in our pursuit of financial integrity. Together, let's continue to build a secure and prosperous future for Uganda, where the financial system remains a fortress against illicit activities.