The mandate of FIA is to combat Money Laundering and Terrorism Financing.
Functions of the Authority
- Receive, process, analyze and interpret information disclosed to it and obtained by it in terms of the Act;
- Shall disseminate, either spontaneously or upon request, information and the results of its analysis to any relevant competent authority in Uganda and if the analysis and assessment shows that a money laundering offence, a terrorism financing offence or a crime has been, or is being committed, to send a copy of the referral or information to the relevant supervisory authority;
- Inform, advise and cooperate with other competent authorities;
- Give guidance to accountable persons, competent authorities, and other persons regarding compliance with the Act;
- Retain the information disclosed and/or obtained by it in a prescribed manner for a period of at least ten years;
- Collect fines adjudicated under the Act;
- Issue guidelines to accountable persons not under the jurisdiction of supervisory authorities, in relation to customer identification, record keeping, reporting obligations and the identification of suspicious transactions;
- May provide training programs for accountable institutions in relation to customer identification, record keeping, reporting obligations and the identification of suspicious transactions;
- Register, and keep a register of all accountable persons;
- Supervise, monitor and ensure compliance with the Act by all accountable persons in consultation with respective regulatory authorities;
- Impose administrative sanctions on accountable persons who fail to comply with directives, guidelines or requests issued by the Authority.
AML/CFT Legal Framework
Uganda’s legal framework is largely in line with international standards developed by Financial Action Task Force (FATF) on AML/CFT framework. Uganda has criminalized all designated categories of offences mentioned in the FATF standards as predicate offences which generate proceeds which may be subject to be laundered. Some of these include: participation in an organized criminal group and racketeering, terrorism, terrorism financing, trafficking in human beings and migrant smuggling, sexual exploitation, illicit trafficking in narcotic drugs and psychotropic substances, illicit arms trafficking, illicit trafficking in stolen and other goods, corruption and bribery, fraud.
- FIA coordinated the process which facilitated Uganda to join Egmont Group in July 2019.
- Exit of Uganda from the watch list of Financial Action Task Force-International Cooperation Review Group (FATF-ICRG) after making significant progress in implementing AML/CFT deficiencies which were highlighted in its Mutual Evaluation Report 2005.
- Successful coordination of the National Risk Assessment (NRA 2017) report which highlighted the risks and vulnerabilities which Uganda is exposed to in relation to Money Laundering and Financing of Terrorism.
- In 2016, FIA coordinated the exercise of undertaking the Second Round of Mutual Evaluation of Uganda’s AML/CFT using the FATF revised methodology of 2012. Uganda was the first ESAAMLG country to undergo the second round of evaluation using this new methodology.
- Public awareness and trainings have been conducted to sensitize several stakeholders including banks, forex bureaus, insurance companies etc. on their AML/CFT obligations.
- The goAML electronic reporting system has been fully roled out to provide a safe and secure reporting platform for reporting of suspicious transactions and other information from accountable persons.
- FIA has signed MoUs with several Financial Intelligence Units (FIUs) and Government Agencies which has led to increased exchange and sharing of information on matters related to Money Laundering and Terrorism.