Business
Financial Intelligence Authority formed
Publish Date: Aug 12, 2014
Financial Intelligence Authority formed
Finance minister Maria Kiwanuka
  • mail
  • img
newvision

By Steven Candia

The Financial Intelligence Authority (FIA), a new body to combat money laundering, has been formed.


The former director legal services in the Inspectorate of Government, Sydney Asubo was appointed the interim executive director pending ratification by the FIA board and approval by Parliament.

However, the FIA board is still being constituted.

“I hereby assign you additional responsibility as the interim executive director of FIA on secondment for a period of six months with effect from July 1, 2014,” the letter from finance minister Maria Kiwanuka, copied to the finance permanent secretary and secretary to the Treasury, read.

The Anti-money Laundering Act requires the minister to appoint an executive director on recommendation of the board.

Money laundering is the process by which criminals disguise the original ownership and control of proceeds of criminal activities by making such proceeds appear to have been derived from a legitimate source.

Asubo’s major task will be to set up the authority.

“This is an interim arrangement to help in establishing the FIA in accordance with the AML Act 2013,” the letter read.

Asubo, a lawyer by profession, has been instrumental in the development of the law. Parliament last year passed the law, which among other things, criminalises money laundering.

It provides that persons who convert, transfer or transport property suspected to be proceeds from crime, or assist another person to benefit from such transactions, are liable to imprisonment for a period not exceeding 15 years or a fine not exceeding sh2b or both.

Apart from criminalising money laundering, the law also provides for specific measures to detect and deter money laundering and to facilitate the investigation and prosecution of offenders.

The Act also makes it mandatory for accountable persons, banks inclusive, to declare any suspicious transactions.

RELATED STORIES:

Ugandan banks cautioned on money laundering

Ugandan MPs pass Anti-Money Laundering Bill

War on money laundering, drugs to intensify

 

The statements, comments, or opinions expressed through the use of New Vision Online are those of their respective authors, who are solely responsible for them, and do not necessarily represent the views held by the staff and management of New Vision Online.

New Vision Online reserves the right to moderate, publish or delete a post without warning or consultation with the author.Find out why we moderate comments. For any questions please contact digital@newvision.co.ug

  • mail
  • img
blog comments powered by Disqus
Also In This Section
UAE Exchange customer wins MoneyGram’s grand getaway first weekly draw
Electronic gadgets were raining for the customers of UAE Exchange as the winners for the first draw of MoneyGram’s Grand Getaway promotional campaign was announced. Five winners were announced in the first weekly draw conducted on July 16, 2015....
Mutebile to speak on technology, financial inclusion
Central bank governor Prof. Tumusiime Mutebile is expected to deliver a keynote address focusing on regulation of information technologies in August....
Are foreign direct investments benefitting EAC citizens?
East African Community (EAC) member states continue to post impressive Foreign Direct Investment (FDI) figures, according to the 2015 World Investment Report....
Lack of compliance to UNBS laws fueling counterfeits
LACK of complying with existing laws under the Uganda National Bureau of Standards (UNBS) and stipulated standards has led to the increased usage of counterfeit materials...
Standard Chartered scoops best consumer digital bank award
Standard Chartered Bank Uganda has been awarded best consumer digital bank by Global Finance Magazine. Standard Chartered Bank PLC largely dominated the Global Finance Magazine’s 2015 Best Consumer Digital Bank Awards in Asia, Africa and the Middle East, winning 17 country awards and 6 regional aw...
Tororo cement in sh86b expansion
Tororo Cement Limited, Uganda’s largest cement manufacturer has injected $ 25m (about sh86b) towards the plant expansion....
Should faith based organisations be registered as Non-government organisations?
Yes
No
Can't Say
follow us
subscribe to our news letter