Uganda remains committed to combating money laundering and terrorism financing, Finance Minister Matia Kasaija has said. Speaking at the opening of the 49th Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) Task Force of Senior Officials Meetings, Kasaija highlighted the country’s progress in strengthening financial oversight.
He welcomed local and international delegates to Uganda and extended special recognition to the Prime Minister, who attended as the Chief Guest on behalf of the President.
Uganda has made strides in strengthening its Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) regime. Kasaija noted that the country’s removal from the Financial Action Task Force (FATF) "grey list" in 2024 was a major milestone. "The FATF recognised our satisfactory implementation of all deficiencies in our legal, regulatory, and operational framework," he said.
Uganda has also amended key laws, including the Anti-Money Laundering Act and the Anti-Terrorism Act, to align with global standards. The Financial Intelligence Authority (FIA) has been central in Uganda’s financial oversight, enhancing its analytical and supervisory functions.
Kasaija emphasized that Uganda has embraced a risk-based approach to financial supervision, with institutions such as the Bank of Uganda and the Capital Markets Authority tailoring their oversight to sector-specific risks. The country also completed its second National Risk Assessment, which identified vulnerabilities and guided the development of a National AML/CFT Strategy.
He praised law enforcement agencies for making progress in investigating and prosecuting financial crimes. "We have recovered assets linked to criminal activities and improved compliance through public-private partnerships," he said.
Despite these achievements, Kasaija acknowledged challenges in emerging financial risks such as virtual assets. However, he reiterated Uganda’s commitment to working with ESAAMLG and international partners to strengthen financial integrity.
The ESAAMLG meetings bring together regional leaders to assess compliance with FATF standards and enhance cooperation in fighting financial crime. Uganda has been a member since 1999.
