Uganda has been removed from the Financial Action Task Force (FATF) Grey List, marking a significant milestone in the country’s dedication to enhancing financial transparency and combating money laundering and terrorism financing.
The decision to delist Uganda from the FATF Grey List was announced by the FATF President, Mr. T. Raja Kumar while presenting the outcomes of the fifth plenary meeting which took place in Paris, France on 21st -23rd February,
The FATF, an Intergovernmental organization, sets global standards for combating illicit finance, placed Uganda on its Increased monitoring list commonly known as the Grey List in February 2020 due to strategic deficiencies in Anti-Money Laundering and Countering Financing Terrorism (AML/CFT) measures.
Since then, Uganda has implemented a series of rigorous reforms and demonstrated substantial progress in aligning its AML/CFT framework with International standards.
Samuel Wandera, the Executive Director of Financial Intelligence Authority (FIA) Uganda, emphasized the importance of this achievement, stating, “Uganda’s exit from the FATF Grey List is a testament to our unwavering commitment to fostering a transparent and secure financial environment”.
“It reflects the concerted efforts of our Government and Regulatory Authorities to strengthen our AML/CFT framework and safeguard our financial system from illicit financial activities,” he said.
According to Wandera, the Ugandan government has since February 2020 when the country was placed on the grey list, made a high-level political commitment to work with FATF and the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG).
“The government of Uganda has been actively working to strengthen the effectiveness of its Anti-Money Laundering/Countering Financing of Terrorism (AML/CFT) regime to implement the action plan agreed to, with the FATF which comprised of 22 Action items,” he said.
He assured the FATF delegates, Ugandans, and the International community of Uganda’s commitment to consolidate the highlighted achievements attained during the period and to further strengthen the AML/CFT/CPF regime.
Uganda’s successful exit from the FATF Grey List not only reinforces the country’s reputation as a responsible member of the global financial community but enhances its attractiveness to investors and facilitates greater access to International Financial Markets.