Cabinet approves financial investment board
Publish Date: Aug 15, 2014
Cabinet approves financial investment board
Rose Namayanja, the Minister of Information and National Guidance
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By David Lumu

Cabinet has approved board members for the Financial Intelligence Department.

Edward Katimbo-Mugwanya, the former Executive Director in charge of Bank of Uganda is the board chairperson.

Criminal Investigations Intelligence Department (CIID) director, Grace Akullo, Patrick Ochailap, the Deputy Secretary to the Treasury, Justine Bagyenda, the Executive Director Supervision of Bank of Uganda, Patricia Mutesi, the Principal State Attorney and Akullo are the other board members.

According to Rose Namayanja, the Minister of Information and National Guidance, the board’s role is to strictly ensure that the Anti-Money Laundering Act, which President Yoweri Museveni assented to the on October 2, 2013, is enforced.

The directive came on Wednesday after cabinet approved five board members to oversee the newly-created Financial Intelligence Authority.

 “Grace Akullo has been tasked to investigate money laundering dealers and other related cases. She will also be crucial in combating money laundering. However, she will work closely with Mutesi from the Office of the Attorney General and other members of the board,” Namayanja said.

Recently Finance Minister Maria Kiwanuka announced that Sidney Asubo, the Director of Legal in IGG’s office, would head the Financial Intelligence Authority.

Namayanja told journalists at the Uganda Media Centre that cabinet has requested the board “to ensure compliance of the Anti-Money Laundering Act, enhance public awareness of money laundering effects and avail information to various stakeholders and similar bodies regarding money laundering.”

“The board is also expected to safe guard revenues of the authority, guide the executive director and remove or suspend the members of staff of the authority as per the laws of the country,” she added.

Namayanja also revealed that cabinet directed the Ministry of Finance to offload Sh39b from other sectors in this coming financial year to fund the Kasese District Disaster Recovery Plan 2014/2015, which Namayanja said: “is a comprehensive response to the recovery needs of the affected areas and surrounding communities by reducing their vulnerability and enhancing their resilience to possible disasters of a similar nature.”

Cabinet also approved the National Immunization Policy, which Eric Kakore, a policy analyst with the Ministry of Health said would pave way for a legal framework that will make it compulsory for mothers to immunize their children or face jail.


Ugandan MPs pass Anti-Money Laundering Bill

Ugandan banks cautioned on money laundering

Financial Intelligence Authority formed

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