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
EADB to fund more projects in Uganda
The East African Development Bank (EADB) has received credit worth $40m (about sh104b) from the African Development Bank (AfDB) to finance infrastructure, manufacturing, tourism, agriculture, transport, education and health projects...
Quacks in construction industry a big threat to Vision 2040
Players in the construction industry have asked the Government to regulate it, saying increasing numbers of quacks will affect efforts to attain the Uganda Vision 2040....
NSSF to save Uganda Clays from collapse
It is now or never for Uganda Clays Limited (UCL). The National Social Security Fund (NSSF) has announced that it will convert a sh16.7b loan to UCL into equity in a bid to secure the company’s future....
UAE Exchange Uganda celebrates, brand turns 34 globally
UAE Exchange Uganda joins its global family in celebrating the 34th anniversary of the brand coming into existence...
Former health ministry accountant to go on trial over illicit enrichment
The Constitutional Court has ruled that the prosecution of former principal accountant, Ministry of Health, Nestor Machumbi Gasasira, should proceed in the Anti-Corruption Division of the High Court....
Martin Aliker is new NIC chief
Dr. Martin Aliker, the senior presidential adviser on special duties, has been appointed the acting chairman of the National Insurance Corporation, following the death of the chairman, Dr. Remi Olowude, last month....
Should diplomatic passports issued to ex-govt workers be with drawn?
Yes
No
Can't Say
follow us
subscribe to our news letter