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
Minister Kyambadde urges farmers to join cooperatives
The minister of trade, industry and cooperatives Amelia Anne Kyambadde has called on Ugandan farmers to form or join cooperative societies...
Uganda to get income status by 2018
THE Ugandan economy is three years away from attaining low middle-income status if the second phase of the national development plan is well implemented...
Oil prices mixed after Saudi king
OIL prices traded narrowly mixed after the death of the king of Saudi Arabia, OPEC's largest oil producer, and on concerns about unrest in Yemen...
Business fraternity advised to embrace Swahili
Ugandan business community has been urged to embrace Kiswahili to enable them benefit from the East African Community....
Africa’s biggest tourism tradeshow Indaba for May in Durban
Africa’s top travel tradeshow, Indaba 2015, is slated to take place from 9 to 11 at the Inkosi Albert Luthuli International Convention Centre in Durban, South Africa....
Email scam targetting businesses globally nets over sh600bn
An email scam which targets businesses with bogus invoices has netted more than $214 million from victims in 45 countries in just over one year....
Should local leaders arrest parents who oppose UPE?
Yes
No
Can't Say
follow us
subscribe to our news letter