About Us

 

"Arrested" Laundered money

 

Mandate of FIA

The mandate of FIA is to combat Money Laundering and Terrorism Financing.

Functions of the Authority

  1. Receive, process, analyze and interpret information disclosed to it and obtained by it in terms of the Act;
  2. 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;
  3. Inform, advise and cooperate with other competent authorities;
  4. Give guidance to accountable persons, competent authorities, and other persons regarding compliance with the Act;
  5. Retain the information disclosed and/or obtained by it in a prescribed manner for a period of at least ten years;
  6. Collect fines adjudicated under the Act;
  7. 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; 
  8. May provide training programs for accountable institutions in relation to customer identification, record keeping, reporting obligations and the identification of suspicious transactions;
  9. Register, and keep a register of all accountable persons;
  10. Supervise, monitor and ensure compliance with the Act by all accountable persons in consultation with respective regulatory authorities;
  11. 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 Achievements

  1. FIA coordinated the process which facilitated Uganda to join Egmont Group in July 2019.
  2. 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. 
  3. 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. 
  4. 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.
  5. Public awareness and trainings have been conducted to sensitize several stakeholders including banks, forex bureaus, insurance companies etc. on their AML/CFT obligations. 
  6. 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. 
  7. 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.

Key Stakeholders involved in AML/CFT Framework

Accountable persons

The Second schedule of the AMLA (2013) lists the accountable persons who have an obligation to comply with AML/CFT requirements. These include:

  1. Advocates as defined in the Advocates Act notaries licensed and certified under the Notaries Public Act, accountants as defined in the Accountants, and other independent legal professionals and accountants;
  2. A board of executors or a trust company or any other person that invests, keeps in safe custody, controls, or administers trust property within the meaning of the Trustees Act;
  3. Casinos (which also includes internet casinos);
  4. Real estate agents;
  5. Dealers in precious metals and gems;
  6. Trust and company service providers not covered elsewhere in this schedule which as a business provide any of the following services to third parties:

          (a) acting as a formation agent of legal persons;

          (b) acting as (or arranging for another person to act as) a director or secretary of a company, a partner of a partnership, or a similar position in relation to other legal persons;

          (c) providing a registered office, business address or accommodation, correspondence or administrative address for a company,  a partnership or any other legal person or arrangement;

          (d) acting as (or arranging for another person to act as) a trustee of an express trust;

           (e) acting as (or arranging for another person to act as) a nominee shareholder for another person. 

7. A financial institution as defined in the Financial Institutions Act.

8. A broker, dealer or investment advisor licensed under the Capital Markets Authority Act.

9. An insurance company licensed under the Insurance Act.

10. Registrars of Companies.

11. Registrars of Land.

12. The Uganda Investment Authority.

13. All licensing authorities in Uganda.

14. Any other person who conducts the business of acceptance of deposits and other repayable funds from the public including private banking, lending including, inter alia, consumer credit, mortgage credit, the transfer of money or value, issuing and managing means of payment

15. Non-governmental organizations, churches and other charitable organizations.

 

Competent Authorities

S. 20 of the AMLA gives FIA the mandate to share its reports with competent authorities. These are investigative, prosecuting, judicial, regulatory or supervisory authorities of the Government of Uganda (as defined in the AML Act). These Include:

  • Uganda Revenue Authority
  • Inspectorate of Government
  • Uganda Police Force
  • Uganda Wildlife Authority
  • Directorate of Public Prosecution
  • Bank of Uganda
  • Insurance Regulatory Authority
  • Capital Markets Authority
  • National Gaming Board
  • NGO Bureau

 

Other Stakeholders

While executing our mandate the FIA works with various stakeholders which include:

 

  • Ministry of Finance, Planning and Economic Development
  • Uganda Registration Services Bureau
  • Ministry of Internal Affairs
  • National Identification and Registration Authority
  • Ministry of Lands, Housing and Urban Development
  • Foreign Financial Intelligence Units
  • Ministry of Energy and Mineral Development
  • Security Agencies of Government (ISO,ESO,CMI, etc.)