The Financial Action Task Force has published an Eastern and Southern Africa Anti-Money Laundering Group follow-up assessment that upgrades Uganda’s technical compliance ratings for four FATF Recommendations. Recommendation 19 on higher-risk countries was raised from partially compliant to compliant, while Recommendations 24 on beneficial ownership, 26 on financial-sector supervision and 34 on guidance and feedback were raised to largely compliant. The assessment covers progress against deficiencies identified in Uganda’s 2016 mutual evaluation, but does not assess the effectiveness of the country’s framework. Uganda strengthened its powers to require proportionate countermeasures for higher-risk countries and established mechanisms to notify accountable persons of relevant weaknesses. Reforms also expanded beneficial ownership requirements, designated anti-money laundering and counterterrorist financing supervisors, and advanced risk-based supervision across financial sectors. Sector-specific guidance and feedback improved, although gaps remain for some designated nonfinancial businesses and professions, aspects of beneficial ownership transparency, and risk-based oversight of savings and credit cooperatives and capital markets. Uganda will remain in enhanced follow-up and continue reporting progress on its anti-money laundering and counterterrorist financing measures.
Financial Action Task Force publishes Uganda follow-up assessment upgrading four technical compliance ratings
The Financial Action Task Force published an Eastern and Southern Africa Anti-Money Laundering Group assessment upgrading four of Uganda’s technical compliance ratings. Higher-risk country measures are now rated compliant, while beneficial ownership, financial-sector supervision, and guidance and feedback are largely compliant. Uganda remains in enhanced follow-up.