{"id":68623,"date":"2024-03-12T06:20:06","date_gmt":"2024-03-12T06:20:06","guid":{"rendered":"https:\/\/www.africa-press.net\/uganda\/?p=68623"},"modified":"2024-03-12T06:10:00","modified_gmt":"2024-03-12T06:10:00","slug":"uganda-exit-from-fatf-grey-list-boosts-investment-prospects","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/uganda\/all-news\/uganda-exit-from-fatf-grey-list-boosts-investment-prospects","title":{"rendered":"Uganda exit from FATF Grey List boosts investment prospects"},"content":{"rendered":"

Africa-Press – Uganda. <\/strong><\/span>Uganda\u2019s financial sector received a significant boost with its removal from the Financial Action Task Force (FATF) Grey List on February 23. This signifies our commitment to improving anti-money laundering and counter-terrorist financing (AML\/CFT) measures.<\/b><\/p>\n

Greylisting publicly identifies countries as having weaknesses in their AML\/CFT regimes that require remedial actions.<\/p>\n

Being grey-listed discourages international business, as institutions avoid transactions with high-risk nations.<\/p>\n

Research by Mizuho Kida and Simon Paetzold in an International Monetary Fund (IMF) Working Paper, published in 2021, showed that greylisting has a large and statistically significant negative impact on a country\u2019s capital inflows.<\/p>\n

According to the results from the econometric analysis using machine learning techniques, total capital inflows decline on average by 7.6 percent of Gross Domestic Product (GDP) when a country is greylisted.<\/p>\n

Breaking it down by type of capital flow, Foreign Direct Investment (FDI) inflows decline on average by 3.0 percent of GDP. Portfolio inflows decline on average by 2.9 percent of GDP. Other investment inflows decline on average by 3.6 percent of GDP.<\/p>\n

The study shows that greylisting hurts overall investment in a country, reducing FDI, portfolio flows, and others as a share of GDP. While a study on the specific impact on Uganda has yet to be done, survey results show restricted financial cross-border transactions increased credit costs by foreign lenders, and decreased foreign investment.<\/p>\n

Uganda addressed these concerns through a collaborative effort involving government, regulators, and international organisations such as the International Monetary Fund and the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG).<\/p>\n

The Bank of Uganda (BoU) implemented a robust AML\/CFT monitoring system and improved compliance tools. We spearheaded a multi-pronged approach to strengthen AML\/CFT compliance in the banking sector, including implementing a robust monitoring system for banks, foreign exchange bureaus, and money remittance companies.<\/p>\n

The bank also developed industry guidance notes to clarify AML\/CFT requirements. We launched effective awareness campaigns to educate financial institutions. The bank also enhanced supervisory procedures and tools to meet international standards.<\/p>\n

The benefits of removal from the Grey List include enhanced reputation, thus attracting more investors and lowering risk premiums.<\/p>\n

It also increases capital inflows due to easier transactions and reduced costs.<\/p>\n

It improves economic growth fuelled by higher investment.<\/p>\n

Uganda\u2019s dedication to financial transparency paves the way for a brighter economic future. The Bank of Uganda remains committed to maintaining these advancements.<\/p>\n

Source: Monitor<\/b><\/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\u2019s financial sector received a significant boost with its removal from the Financial Action Task Force (FATF) Grey List on February 23. This signifies our commitment to improving anti-money laundering and counter-terrorist financing (AML\/CFT) measures. Greylisting publicly identifies countries as having weaknesses in their AML\/CFT regimes that require remedial actions. Being grey-listed […]<\/p>\n","protected":false},"author":84,"featured_media":68622,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,6,258],"tags":[233,240,234],"class_list":["post-68623","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-files","category-to-homepage","tag-africa-press","tag-africa-press-uganda","tag-uganda"],"yoast_head":"\nUganda exit from FATF Grey List boosts investment prospects - Uganda<\/title>\n<meta name=\"description\" content=\"Uganda\u2019s financial sector received a significant boost with its removal from the Financial Action Task Force (FATF) G ...\" \/>\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\/uganda-exit-from-fatf-grey-list-boosts-investment-prospects\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Uganda exit from FATF Grey List boosts investment prospects\" \/>\n<meta property=\"og:description\" content=\"Uganda\u2019s financial sector received a significant boost with its removal from the Financial Action Task Force (FATF) G ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/uganda\/all-news\/uganda-exit-from-fatf-grey-list-boosts-investment-prospects\" \/>\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=\"2024-03-12T06:20:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2024\/03\/sm_1710210828.864717.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\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=\"2 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\/uganda-exit-from-fatf-grey-list-boosts-investment-prospects#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/uganda-exit-from-fatf-grey-list-boosts-investment-prospects\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Uganda exit from FATF Grey List boosts investment prospects\",\"datePublished\":\"2024-03-12T06:20:06+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/uganda-exit-from-fatf-grey-list-boosts-investment-prospects\"},\"wordCount\":414,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/uganda-exit-from-fatf-grey-list-boosts-investment-prospects#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2024\/03\/sm_1710210828.864717.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Uganda\",\"uganda\"],\"articleSection\":[\"all news\",\"files\",\"to-homepage\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/uganda\/all-news\/uganda-exit-from-fatf-grey-list-boosts-investment-prospects#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/uganda-exit-from-fatf-grey-list-boosts-investment-prospects\",\"url\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/uganda-exit-from-fatf-grey-list-boosts-investment-prospects\",\"name\":\"Uganda exit from FATF Grey List boosts investment prospects - 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