Business
Cabinet approves financial investment board
Publish Date: Aug 15, 2014
Cabinet approves financial investment board
Rose Namayanja, the Minister of Information and National Guidance
  • mail
  • img
newvision

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.

RELATED STORIES:

Ugandan MPs pass Anti-Money Laundering Bill

Ugandan banks cautioned on money laundering

Financial Intelligence Authority formed

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
Uganda losing sh497 trillion in unprocessed exports
ACCORDING to trade minister Amelia Kyambadde, Uganda lost as much as $128.45m (sh373b) in 2012 in exporting goods that were not processed, packaged or branded to the UK....
Tonnes of immature fish impounded in Amolatar
A combined force of the Police and regional fisheries law enforcers mounted a surprise night operation in Amolatar district, impounding tonnes of immature smoked fish...
Vision Mobile products and services
Vision Mobile, a Small Business Unit of Vision Group provides state of the art based products, services and applications with a mission to offer the most advanced Value Add Services in Uganda....
Ugandans cautioned of fake, dirty soft drinks on market
As the Uganda National Bureau of standards (UNBS) steps up efforts to increase compliance to standards, a section of manufactures of juice are still not conforming to the required procedures and standards....
UTB to promote domestic tourism through discounted tours
In its commitment to promote domestic tourism with a bang this year, the Uganda Tourism Board in partnership with the Uganda Safari Guides Association and Uganda Wildlife Authority has started providing highly discounted domestic adventures around the country...
Digital migration: Pay TV service providers rush to cash in as deadline looms
As the June 30, 2015 global digital migration deadlines nears, pay television services providers are rushing to cash in from the members of the public who would want to do last minute purchases....
Is KCCA doing enough to curb poor hygeine?
Yes
No
Can't Say
follow us
subscribe to our news letter