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
URA breaks 4-year jinx to post sh24.3b surplus
The Uganda Revenue Authority posted a sh24.3b tax collection surplus between July and December 2014, for the first time in more than four years, credited to strict tax controls and administration....
Pension arrears to be cleared this year
RETIRED civil servants will have their gratuity and pension arrears paid before the end of this financial year, thanks to the stringent reforms that have seen the finance ministry save over sh200b...
Automation improves revenue collection by 21%
OVERALL automation and adaption of online tax systems have pushed up revenue collection up by 21% in the last two years, the tax authority has revealed...
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...
Is gambling the cause of poverty amomg youth?
Yes
No
Can't Say
follow us
subscribe to our news letter