Antimoney laundering and proceeds of crime act, no. This paper examines the amla, which now forms the main axis of aml legislation in uganda. Anti money laundering act 2017 financial intelligence authority. These guidelines may be cited as the anti money laundering guidelines for the provision of mobile payment services, 20. This is the official website of the financial intelligence authorityuganda. Uganda health marketing group v financial intelligence authority miscellaneous cause no. Antimoney laundering law faces challenges daily monitor.
Opening remarks by mr emmanuel tumusiimemutebile, governor of the bank of uganda, at a sensitisation workshop for the members of the parliamentary committee on finance on the antimoney laundering bill no of 2009, entebbe, 3 4 december 2012. The antimoney laundering act, 20 arrangement of sections part ipreliminary section 1. Antimoney laundering amendment act, 2017 uganda legal. Money launderers will now pay heavily after ugandas parliament passed the antimoney laundering bill into law yesterday, making the practice criminal.
Other antimoney laundering regulators bank of uganda. To add to the considerable list of anticorruption legislation already on the books, the uganda parliament recently enacted the anti money laundering act of 20 amla. The rwanda bar association is not involved in supervising or enforcing compliance with antimoney laundering regulations. Bank of uganda is tasked with the regulation of the activities of financial institutions including their compliance with aml requirements under the financial institutions act 2004 and the financial institutions antimoney laundering regulations of 2010 the capital markets authority cma. Antimoney laundering and terrorist financing measures and financial inclusion fatf guidance 20 3. Antimoney laundering policy guidelines without the proper antimoney laundering aml compliance procedures, banks and other financial institutions are in danger of inadvertently facilitating drug trafficking, terrorism financing and other crimes financial institutions can be. The proceeds of crime and antimoney laundering act of 2009 established the frc mainly to assist in the identification of the proceeds of crime and the combating of money laundering and the financing of terrorism. If a business or company is involved in money laundering and it is eventually unearthed, they can lose reputation and eventually profits because people will be reluctant to do business with them. The amlcft assessment of republic of uganda has been undertaken.
Anti money laundering and fight against corruption in uganda. Implementexecute the uamlc mandate as stated in the aml bill,no. To add to the considerable list of anti corruption legislation already on the books, the uganda parliament recently enacted the anti money laundering act of 20 amla. Finra provides a template for small firms to assist them in fulfilling their responsibilities to establish the antimoney laundering aml compliance program required by the bank secrecy act bsa and its implementing regulations and finra rule 3310.
Tanzania antimoney laundering legislation, regulations. Uganda online law library inspectorate of government. The financial action task force fatf is a parisbased. Enacted by parliament of the united republic of tanzania. In may, 2008, the proceeds of crime and antimoney laundering bill was introduced in parliament, which extends reporting requirements to legal professionals. Public registers of beneficial ownership of companies registered in british overseas territories. Antimoney laundering act, 2008 act 749 5 a the retention or the control by or on behalf of that other person of the proceeds from unlawful activity is facilitated, or b the proceeds from that unlawful activity are used to make funds available to acquire property on behalf of. Reports on progress towards register of beneficial owners of overseas entities. The antimoney laundering regulations, 2015 chapter four. The purpose of antimoney laundering regulation aml is to detect and deter money laundering activity. The paper is limited in its analysis to the context of corruption. Antimoney laundering and terrorist financing measures and. Act 3 antimoney laundering amendment act 2017 1 uganda. The bill is the result of the work of a national task force established in 2003, chaired by the treasury and including 14 government agencies and seeks to meet the 40 recommendations issued by the financial action task force fatf on combating money laundering.
Lastly, the bill seeks to insert a new section 8a to establish the uganda anti money laundering committee as a national multidisciplinary committee to comprise twenty 20 members appointed by the minister. The primary goal of every good program is to protect the organization against money laundering and to ensure that the organization is in full compliance. The template provides text examples, instructions, relevant rules and websites and other resources that are useful for developing an aml plan for. Financial institutions agent banking regulations, 2017 no. Antimoney laundering and combating the financing of. Association of certified antimoney laundering specialists. Workshop discussing ugandas anti money laundering bill author. We help you build the support you need for your aml compliance and financial crime prevention efforts. Corruption has been the subject of legislation and litigation in. The proceeds of crime and antimoney amendment of laundering act, in this act referred to as the principal section 2 of cap.
Uganda anti money laundering committee uamlc by providing for it in the ugandas aml law. Implications of ugandas antimoneylaundering legal regime on. Mutual evaluationdetailed assessment report anti money. Act 3 anti money laundering amendment act 2017 the anti money laundering amendment act, 2017. Amlcft antimoney launderingcombating the financing of terrorism. An act to amend the antimoney laundering act, 20, to harmonise the definitions used in the act. Anti money laundering aml refers to a set of procedures, laws and regulations designed to stop the practice of generating income through illegal actions. Fatf has worked in close coordination with the asia pacific group on money. An act of parliament to provide for the offence of money laundering and to introduce measures for combating the offence, to provide for the.
S 9a of the antiterrorism act ata criminalizes provision of funds to a terrorist or. The antimoneylaundering act, 20 amla seeks to combat. The antimoney laundering act, 20 was established by the government of uganda to provide for the prohibition and prevention of money laundering, the establishment of a financial intelligence authority and a financial intelligence authority board in order to combat money laundering activities. Iclg antimoney laundering laws and regulations kenya covers issues including criminal enforcement, regulatory and administrative enforcement and requirements for financial institutions and other designated businesses in 31 jurisdictions. It is only required to mornitor the professional conduct of lawyers while rendering their services in rwanda and report all cases related. Proceeds of crime and antimoney laundering act, no.
On 11 december 2002, the cabinet approved the principles for the uganda antimoney laundering framework, which. In order to prevent the misuse of banks for money laundering activities, the aml obligation. Printed by uppc, entebbe, by order of the government. Uganda online law library 6 the antimoney laundering act, 20. Antimoney laundering and counterterrorist financing measures. Esaamlg mutual evaluation of uganda download pdf 1,786kb the eastern and southern africa antimoney laundering group esaamlg completed its assessment of ugandas antimoney laundering and counterterrorist financing amlcft system.
Antimoney laundering laws and regulations covering issues in uganda of the crime of money laundering and criminal enforcement, general. Simply put, money laundering is the process of making dirty money look clean. Sign up to take the certified antimoney laundering specialist cams. An example in uganda is people who donate a lot of money to charitable causes are often held with very high esteem. To this extent, these vices are not mutually exclusive. The antimoney laudering act 15 th january, 2007 an act to make better provisions for prevention and prohibition of money laundering, to provide for the disclosure of information on money. Become part of the largest international aml and financial crime prevention community. The object of the bill is to amend the antimoney laundering amendment bill 20 to harmonise definitions used in the act. This act may be cited as the antimoney laundering act, 2006 short title. Money laundering is a very modern crime created by the late twentiethcentury state to enlist the financial sector in its search of the proceeds of crime and prevention of career criminality.
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