Africa-Press – Uganda. <\/strong><\/span>The outgoing executive director of the Financial Intelligence Authority (FIA), Mr Sydney Asubo, has revealed that he has been given a new mandate of ensuring that Uganda gets off the grey-list for money laundering.<\/p>\nMr Asubo, who was speaking at his farewell party last Friday, had spent nine years at the helm of FIA.<\/p>\n
He said despite his two-term task ending, he has been given a similar role of being an advisor to the Uganda Anti Money Laundering \/Combating the Financing of Terrorism (AML\/CFT) national task-force.<\/p>\n
\u201cWe do have a lot of challenges as a country but as far as the field is concerned, the most urgent one is the need to get off the grey-list,\u201d Mr Asubo said.<\/p>\n
\u201cI have magnanimously agreed to be given the title. I\u2019m using adviser to the AML\/ CFT safety with a specific mandate to ensure that the country gets off the greylist. Once that is done, we would have done our duty. We have a little time between now and 2029 such that when the next assessment is done, we are not worse off as we were when the current assessment was done,\u201d he added.<\/p>\n
This publication has learnt that Mr Asubo\u2019s new appointment is for six months. Money laundering and the financing of terrorism are financial crimes.<\/p>\n
AML\/CFT controls, when effectively implemented, mitigate the adverse effects of criminal economic activity and promote integrity and stability in financial markets.<\/p>\n
Uganda was placed on the greylist in 2020, a list that highlights countries that have significant weaknesses in tackling money laundering.<\/p>\n
The most significant implication to a country that is greylisted is the reputational damage, as its effectiveness in combatting financial crimes such as corruption and money-laundering as well as terror financing are deemed to be below international standards.<\/p>\n
Established in July 2014, the FIA, is a government agency established by the Parliament of Uganda to monitor, investigate, and prevent money laundering in the country.<\/p>\n
Further in his remarks, Mr Asubo explained that there were 22 issues that Uganda needed to rectify in 2020 in order to get off the greylist or in default, be blacklisted. He said of the 22 issues, only one is pending.<\/p>\n
Daily Monitor understands that the remaining issue is majorly about Uganda putting in place a beneficial owner\u2019s register to deal with the many dormant companies.<\/p>\n
This explains the recent deregistration of thousands of such companies for failure to file their annual returns for the past five years by the Uganda Registration Services Bureau (URSB).<\/p>\n
Mr Alinaffe Kalule, the chairperson of the FIA board, said given the good work ethics of Mr Asubo, they couldn\u2019t just let him go.<\/p>\n
Background<\/p>\n
Last month, President Museveni appointed Mr Samuel Were Wandera to replace Mr Asubo, whose two terms at the helm of FIA had come to an end.<\/p>\n
In his remarks, Mr Wandera highlighted the achievements attained by Mr Asubo and his deputy, Mr Micheal Tukei, who was also retiring.<\/p>\n
Under Mr Asubo\u2019s tenure, the FIA has conducted national risk assessments, supported the improvement of AML\/CFT legal framework, completed the second round of mutual evaluation, and improved domestic coordination and international cooperation.<\/p>\n
\u201cLet me add some personal attributes to my two colleagues. We have had too many enjoyable moments together and equally tough ones. I remember a time when there was a great fear that Uganda was likely to be blacklisted around May 2022 after expiry of the action plan deadlines. The blame game was starting to develop,\u201d Mr Wandera said.<\/p>\n
He added: \u201cI had a conversion with the ED (Mr Asubo) and clearly, he was deeply concerned, but very firm that we were to put up a spirited fight. And indeed, the fight has yielded positive results to the extent that Uganda has not been blacklisted.\u201d<\/p>\n
Prior to his appointment as the FIA boss, Mr Asubo was the head of legal departement at the Inspectorate of Government.<\/p>\n
For More News And Analysis About Uganda<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"By Anthony Wesaka Africa-Press – Uganda. The outgoing executive director of the Financial Intelligence Authority (FIA), Mr Sydney Asubo, has revealed that he has been given a new mandate of ensuring that Uganda gets off the grey-list for money laundering. Mr Asubo, who was speaking at his farewell party last Friday, had spent nine years […]<\/p>\n","protected":false},"author":84,"featured_media":54917,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,6],"tags":[233,240,234],"class_list":["post-54919","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-files","tag-africa-press","tag-africa-press-uganda","tag-uganda"],"yoast_head":"\n
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