Uganda has strengthened its efforts to combat money laundering by implementing new regulations and increasing the monitoring of financial transactions. This is crucial in protecting our economy and ensuring a fair and transparent financial system. The FIA is also working to engage with other law enforcement agencies such as the Uganda Police Force to promote compliance with AML regulations. This includes providing training and guidance to gazetted officers, working with them to identify and address potential vulnerabilities.
Section 21(pb) of the ANti-Money Laundering Act, 2013 (as amended) provides for the registration of all Accountable Persons as one of the general powers of the FIA.
CIRCULAR NO.001 TO ALL ACCOUNTABLE PERSONS ON ELECTRONIC REGISTRATION
Circular No.3 Issued on 24th October 2022 to All Financial Institutions
Under the Anti-Money Laundering Act, Cap 118 second schedule, all dealers in precious stones and metals are required to register with FIA as accountable persons.
The Mining and Minerals act 2022, and its regulations also make it a requirement for goldsmiths to register with FIA as a pre-condition for obtaining a license.
