Circular No.3 Issued on 24th October 2022 to All Financial Institutions
Under the Anti-Money Laundering Act, Cap 118 second schedule, all dealers in precious stones and metals are required to register with FIA as accountable persons.
The Mining and Minerals act 2022, and its regulations also make it a requirement for goldsmiths to register with FIA as a pre-condition for obtaining a license.
In order to comply with the international requirements, specifically the FATF recommendations 7, 24 and 25, the Parliament of Uganda on 30th August, 2022 passed key legislations to address existing gaps in the law on beneficial ownership information and proliferation financing.
The Bills passed include the following:
On 30th August, 2022 the Uganda Parliament passed the Anti-Money Laundering(Amendment) Bill, 2022 which will empower the Financial Intelligence Authority and other supervisory authorities to levy administrative penalties for breach of the provisions of the Act. The Acts are awaiting to be assented to by the President of the Republic of Uganda.
The Executive Director, Financial Intelligence Authority - Mr. Sydney Asubo, representing Uganda at the 28th Egmont Group (EG) Plenary.
The Egmont Group (EG), a widely recognized and a highly respected international organization with a membership of 166 countries today and still growing, facilitates and promotes information exchanges among FIUs.