• EDITORIAL POLICY
  • ABOUT US
PML Daily
  • Home
  • NEWS
    • Politics
    • Education
    • Regional
    • Africa
    • World
  • INVESTIGATIONS
    • National Archives
    • Special Reports
  • OpEd
  • BUSINESS
    • Agriculture
    • Tech
    • Finance
  • FEATURES
    • Health
    • Tours & Travel
    • Entertainment
    • Society
  • COLUMNISTS
    • The Suited Penguin
  • SPORT
  • Jobs
  • Magazines
No Result
View All Result
  • Home
  • NEWS
    • Politics
    • Education
    • Regional
    • Africa
    • World
  • INVESTIGATIONS
    • National Archives
    • Special Reports
  • OpEd
  • BUSINESS
    • Agriculture
    • Tech
    • Finance
  • FEATURES
    • Health
    • Tours & Travel
    • Entertainment
    • Society
  • COLUMNISTS
    • The Suited Penguin
  • SPORT
  • Jobs
  • Magazines
No Result
View All Result
PML Daily
No Result
View All Result
Home NEWS

Cabinet approves Anti-Money Laundering Bill

CONRAD AHABWE | PML Daily Senior Correspondent by CONRAD AHABWE | PML Daily Senior Correspondent
February 5, 2019
in NEWS
18
VIEWS
FacebookWhatsAppTwitter
A banking officer counts a stash of cash in a banking facility. Parliament has passed the Anti-Money Laundering (Amendment) Bill, 2018 in an attempt to curb illicit financial flows and terrorism financing in Uganda. (FILE PHOTO)

KAMPALA  – Cabinet has approved the Anti-Money Laundering (Amendment) Bill, 2018, which, among others, seeks to stop illicit financial flows and terrorism financing in Uganda.

According to Col. Shaban Bantariza, the Deputy Executive Director, Uganda Media Centre, the Bill will also enable Uganda to attain sufficient global international cooperation in money laundering and terrorist financing investigations.

“Uganda will be admitted into the Egmont Group (a united body of 155 Financial Intelligence Units),” he said on Tuesday.

The Egmont Group provides a platform for the secure exchange of expertise and financial intelligence to combat money laundering and terrorist financing. The group also supports the efforts of its international partners and other stakeholders to give effect to the resolutions and statements by the United Nations Security Council, the G20 Finance Ministers, and the Financial Action Task Force, among others.

Deputy director of the Uganda Media Centre, Col. (Rtd) Shaban Bantariza confirmed the new developments (FILE PHOTO)

Government has already established the Financial Intelligence Authority (FIA) to curb money laundering and related crimes such as terrorist financing. That approval the bill means it will now be debated in parliament before it can become law.

Developing countries, like Uganda, benefit from capacity building provided by the group and information shared among member financial intelligence institutions.

“Financial Intelligence Units (FIUs) around the world are obliged by international Anti Money Laundering and Counter Financing of Terrorism (AML/CFT) standards to exchange information and engage in international cooperation. As an international financial intelligence forum the Egmont Group both facilitates and prompts this amongst its member FIUs,” the group says on its website.

Uganda was in November 2017 removed from the money laundering list of shame. This landmark decision was made during a technical review session convened by the Financial Action Task Force (FATF) in Argentina in 2017

Comments

Tags: Anti-Money Laundering (Amendment) BillParliamenttopuganda media centre
Previous Post

Teach pupils in local languages, World Bank urges govt

Next Post

Support the army! UPDF commander rallies Ugandans ahead of Tarehe Sita

Related Posts

NEWS

Museveni commends Catholic Church for guiding the Youth

December 16, 2019
18
NEWS

After Cabinet, Museveni lines up more reshuffles in BoU, IGG

December 15, 2019
1.2k
Director of Public Prosecution, Mike Chibita has named Jacquelyn Okui as new PRO (PHOTO/File)
NEWS

DPP Chibita names Senior State Attorney Jacquelyn Okui as new PRO

December 15, 2019
211
Buganda and Ankole have taken lions’ share in latest Cabinet reshuffle (PHOTO/File)
NEWS

ANALYSIS: Buganda, Ankole take lions’ share in latest Cabinet reshuffle

December 15, 2019
752
Ms Lumumba, looked a perfect bride (PHOTO/Courtesy).
Society

PICTURES: Kasule Lumumba and hubby sign off 20-year anniversary marriage vows with exclusive do at Speke Resort Munyonyo

December 15, 2019
573
US Ambassador to Uganda HE. Deborah Malac and Uganda’s Minister of State for Works and Transport Aggrey Bagiire witnessed the signing of the letter of agreement whose signatories were Dr. Kakuba and Dr. Anna Prouse, the Head of Government Relations at Loon LLC (PHOTO/Javira Ssebwami)
NEWS

REVEALED: ISO moves to block Google’s internet balloons over security concerns

December 15, 2019
356
Next Post
UPDF soldiers engage in a Mbarara city clean -up and makeover ahead of the Terehe Sita celebration

Support the army! UPDF commander rallies Ugandans ahead of Tarehe Sita

local

local

energyandminerals

About

The PML Daily, published via www.pmldaily.com is a publication of Post Media Ltd, a professional Digital/New Media company in Uganda.

Follow us

Facebook Twitter Youtube RSS

KIU

  • EDITORIAL POLICY
  • ABOUT US

© 2019 PMLDAILY.COM

No Result
View All Result
  • Home
  • NEWS
    • Politics
    • Education
    • Regional
    • Africa
    • World
  • INVESTIGATIONS
    • National Archives
    • Special Reports
  • OpEd
  • BUSINESS
    • Agriculture
    • Tech
    • Finance
  • FEATURES
    • Health
    • Tours & Travel
    • Entertainment
    • Society
  • COLUMNISTS
    • The Suited Penguin
  • SPORT
  • Jobs
  • Magazines

© 2019 PMLDAILY.COM