{"id":53037,"date":"2023-07-22T11:13:36","date_gmt":"2023-07-22T11:13:36","guid":{"rendered":"https:\/\/www.africa-press.net\/uganda\/all-news\/money-laundering-blow-as-uganda-remains-greylisted"},"modified":"2023-07-22T12:36:00","modified_gmt":"2023-07-22T12:36:00","slug":"money-laundering-blow-as-uganda-remains-greylisted","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/uganda\/all-news\/money-laundering-blow-as-uganda-remains-greylisted","title":{"rendered":"Money laundering: Blow as Uganda remains greylisted"},"content":{"rendered":"

Africa-Press – Uganda. <\/strong><\/span>Uganda will remain on the \u201cgrey list\u201d of nations that do not take full measures to combat money laundering and \u201cterrorism\u201d financing, with threats that the country could be blacklisted \u201cif there is insufficient progress.\u201d<\/p>\n

The Financial Action Task Force (FATF), which has repeatedly pushed Uganda\u2019s compliance deadline, has granted a four-month extension to the country to clean up its house, shifting the deadline from June to October. The government asserts that it has met all but two requirements.<\/p>\n

\u201cThe FATF expresses concern that Uganda failed to complete its action plan, which fully expired in May 2022.<\/p>\n

The FATF strongly urges Uganda to swiftly demonstrate significant progress in completing its action plan by October 2023 or the FATF will consider next steps if there is insufficient progress,\u201d FATF\u2019s latest statement says.<\/p>\n

The next steps could imply that Uganda could be placed on the FATF\u2019s blacklist, which continues to feature Myanmar (Burma), Iran, and North Korea.<\/p>\n

Being included on the FATF Blacklist, often referred to as the \u201cHigh-Risk and Non-Cooperative Jurisdictions\u201d list, can have detrimental effects on a nation\u2019s financial system, economy, and reputation abroad, including more regulatory scrutiny, less foreign investment, harm to the nation\u2019s reputation, and increased financial isolation.<\/p>\n

FATF has urged Uganda to continue to work to implement its action plan to address its strategic deficiencies, including ensuring that competent authorities have timely access to accurate basic and beneficial ownership information for legal entities and increasing awareness on proliferation financing (PF) related Targeted Financial Sanctions (TFS) by conducting training for financial institutions and Designated Non-Financial Business and Professions on the targeted financial sanctions.<\/p>\n

Mr Sydney Asubo, the executive director of the Financial Intelligence Authority (FIA)\u2014a government body which is, among others, charged with enhancing and identifying proceeds of crime and combating of money laundering and terrorism financing\u2014in response to our request for a comment, said government will clear the pending issues by the October deadline.<\/p>\n

\u201cWe are left with only two items out of the original 22 action items that Uganda agreed with FATF to implement. We are confident that by the new deadline of October, we will have addressed these two outstanding items, which are both partly addressed,\u201d Mr Asubo said.<\/p>\n

He added: \u201cWe have done a lot of work between February 2023 when the previous statement was issued and the latest one issued in June 2023. Within those four months we cleared five issues and remained with only two. And even these two are partly addressed. It is on account of this good progress that Uganda was given an extension to October 2023. Expect good news then.\u201d<\/p>\n

In February, Uganda had seven pending items when the FATF established the June deadline. In the past, Uganda narrowly avoided being added to the FATF\u2019s blacklist.<\/p>\n

The grey list means <\/b><\/p>\n

Remaining on the Financial Action Task Force (FATF)\u2019s \u201cgrey list\u201d has implications for banks and other financial institutions dealing with clients, transactions, or companies linked to Uganda. Consequently, global financial institutions are now subjecting Uganda to increased scrutiny.<\/p>\n

This might hinder Uganda\u2019s ability to secure loans and finance from international financial institutions. Such institutions may perceive it as a higher risk, potentially discouraging foreign investment. Additionally, there is reputational damage that could deter foreign investment in the country.<\/p>\n

For More News And Analysis About Uganda<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Uganda. Uganda will remain on the \u201cgrey list\u201d of nations that do not take full measures to combat money laundering and \u201cterrorism\u201d financing, with threats that the country could be blacklisted \u201cif there is insufficient progress.\u201d The Financial Action Task Force (FATF), which has repeatedly pushed Uganda\u2019s compliance deadline, has granted a four-month […]<\/p>\n","protected":false},"author":84,"featured_media":53036,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[233,240,234],"class_list":["post-53037","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-uganda","tag-uganda"],"yoast_head":"\nMoney laundering: Blow as Uganda remains greylisted - Uganda<\/title>\n<meta name=\"description\" content=\"Uganda will remain on the \u201cgrey list\u201d of nations that do not take full measures to combat money laundering and \u201cterroris ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/uganda\/all-news\/money-laundering-blow-as-uganda-remains-greylisted\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Money laundering: Blow as Uganda remains greylisted\" \/>\n<meta property=\"og:description\" content=\"Uganda will remain on the \u201cgrey list\u201d of nations that do not take full measures to combat money laundering and \u201cterroris ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/uganda\/all-news\/money-laundering-blow-as-uganda-remains-greylisted\" \/>\n<meta property=\"og:site_name\" content=\"Uganda\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-07-22T11:13:36+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-07-22T12:36:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2023\/07\/sm_1690012973.497731.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"908\" \/>\n\t<meta property=\"og:image:height\" content=\"471\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/money-laundering-blow-as-uganda-remains-greylisted#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/money-laundering-blow-as-uganda-remains-greylisted\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Money laundering: Blow as Uganda remains greylisted\",\"datePublished\":\"2023-07-22T11:13:36+00:00\",\"dateModified\":\"2023-07-22T12:36:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/money-laundering-blow-as-uganda-remains-greylisted\"},\"wordCount\":562,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/money-laundering-blow-as-uganda-remains-greylisted#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2023\/07\/sm_1690012973.497731.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Uganda\",\"uganda\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/uganda\/all-news\/money-laundering-blow-as-uganda-remains-greylisted#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/money-laundering-blow-as-uganda-remains-greylisted\",\"url\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/money-laundering-blow-as-uganda-remains-greylisted\",\"name\":\"Money laundering: Blow as Uganda remains greylisted - 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