Uganda is no longer on the watch list of the Financial Action Task Force (FATF), the global anti-money laundering and counter-financing of terrorism (AML/CFT) watchdog.
As part of its on-going review of compliance with the AML/CFT standards, FATF determined earlier this month that nine other countries remain on watch.
Framework in place
Uganda has established the legal and regulatory framework to meet the commitments in its action plan regarding the strategic deficiencies that the FATF had identified in February 2014.
The country is therefore no longer subject to the FATF’s monitoring process under its ongoing global AML/CFT compliance process.
Work in progress
Uganda will work with Eastern and Southern Africa Anti-Money Laundering Group as it continues to address the full range of AML/CFT issues identified in its mutual evaluation report.
FATF said it welcomed Uganda’s “significant progress in improving its AML/CFT regime.”
Jurisdictions with strategic deficiencies now comprise Bosnia and Herzegovina, Ethiopia, Iraq, Sri Lanka, Syria, Trinidad and Tobago, Tunisia, Vanuatu and Yemen.
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