By Julius Mugaga Tukacungurwa/Umoja Standard.
Uganda’s Minister for Finance Planning and Economic Development (MoFPED), Hon. Matia Kasaija on Thursday pledged government intervention in fighting illicit financial flow in the country citing that short of this, may spur negative consequences to the economy.
“There is no doubt that the Government of Uganda is committed to the fight against financial crimes which generate proceeds and create negative consequences for our economy. However, as you may realize, laws are insufficient in their own nature but the purpose of implementing Anti-Money Laundering and Counter-terrorism financing measures is to stop criminals and terrorists from abusing our financial systems.” Said Kasaija.
“Through effective implementation of these measures, we can help strengthen to stop financial flows linked to serious crime and terrorism element to make our society safer”. He added.
He went on to caution Ugandans to distance themselves from all illicit financial activities.
“Please, don’t take something that is not yours, please don’t take what is not due to you, that is when you will enjoy that wealth.” He stated.
Kasaija said this as he launched the National Risk Assessment (NRA) and Terrorism Financing Risk Assessment for Non-Profit Organizations (NPOs) 2023 prepared by Financial Intelligence Authority at Serena Hotel in Kampala.
Before, Mr. Sydney Asubo – the Executive Director of Financial Intelligence Authority (FIA) had informed participants that Uganda will soon be scrapped off the grey-list where it had been put in 2020.
“In our case (FIA) after a lot of engagements, we came up with 22 action plan items and these were supposed to be addressed in two years, now the good news is that of the 22 items, we have now completed 20, am very confident that these remaining 2 items will be addressed before FATF meets in its next plenary in October, 2023.” He said.
Mr. Sydney Asubo – the Executive Director of Financial Intelligence Authority (FIA) speaks during release of the report/Courtesy Photo.
Highlights of the NRA-NPO report, 2023 indicate that there is a reduction in illicit financial flow within Non-Government Organizations (NGOs) due to the reduction of financial crimes within them.
Important to note.
Being on a grey-list means that the institution has a weakness in significant areas relating to its institutional and legal framework but that that country has made commitment by entering into an action plan with Financial Action Task Force (FATF) to address those issues.
Uganda conducted its second National Risk Assessment (NRA) of her money laundering (ML) and terrorist financing (TF) risks. It covers the period 2017 to 2020 for Money Laundering (ML) and the period ending December 2021 for Terrorism/Terrorism financing. The purpose of the NRA is to identify, assess, and understand the money laundering and terrorist financing risks for the country, as required by Financial Action Taskforce (FATF) Recommendation
In the same regard, Uganda conducted the first Terrorism Financing Risk Assessment (TFRA) for the Non-Profit Organizations in Uganda. This risk assessment was undertaken in line with FATF Recommendation 8, and Immediate Outcome 10, which, require countries to identify the organizations that fall under the FATF definition of NPOs and use available information to determine the features and types of those NPOs that, based on their activities are likely to be at risk of being abused for terrorist financing.
The overall objective of this risk assessment is to provide an understanding of the terrorism financing risk posed by the NPO sector in Uganda and based on this assessment, Uganda is required to apply focused and proportionate measures, in line with the risk-based approach, to such Non-Profit Organizations that were identified as being more vulnerable in order to protect them from terrorist financing abuse.
SIMPLE PICTORIAL OF EVENTS AT SERENA HOTEL.
Minister Kasaija signs the report dummy as others look on.
