KAMPALA, Uganda — Uganda’s removal from the Financial Action Task Force’s grey list has been hailed as a significant milestone in the country’s efforts to combat financial crimes.
Godfrey Sebaana, CEO of Diamond Trust Bank, said Uganda’s removal from the list is a testament to the country’s commitment to strengthening its anti-money laundering and counter-terrorism financing frameworks.
Related posts
“Exiting the grey list is a substantial milestone, but it must be seen as the beginning of an ongoing commitment to compliance,” Sebaana said during a recent dialogue.
Sebaana emphasized the importance of sustained collaboration between the public and private sectors to ensure Uganda remains compliant with international standards.
“We cannot afford to be complacent,” Sebaana said. “To avoid returning to the grey list, Uganda must continue to strengthen its regulatory oversight, invest in advanced compliance technologies and empower regulatory bodies like the Financial Intelligence Authority with greater resources and autonomy.”
Sylvia Namubiru, acting director of the Financial Intelligence Authority, echoed Sebaana’s sentiments, saying Uganda’s removal from the grey list is a significant achievement.
“However, we must remain vigilant and continue to strengthen our anti-money laundering and counter-terrorism financing frameworks to prevent the risk of re-listing,” Namubiru said.
Sebaana concluded that Uganda must position itself as a competitive, secure and attractive destination for global investment to maintain its position in the global financial ecosystem.
Discussion about this post