Anti-terror money regulator warns on conmen

The authority charged with monitoring terror money laundered through the financial system, has warned on conmen using its name to fleece the public.

In a notice dated February 27, 2017, the executive director Financial Intelligence Authority(FIA) Sydney Asubo, says it has reliable information to the effect that unscrupulous persons and institutions are duping the public.

"It has come to our notice that there are individuals and entities that are indulging in charging, collecting or levying ‘'clearance and verification fees'' from unsuspecting members of the public who are desirous of transacting or transferring money both into and out of Uganda on the basis that it is a requirement by the FIA to pay such fees," the notice states.

Adding: "It is on this note that we take this opportunity to inform the general public that the FIA does not charge, collect or levy clearance fees, verification fees or any type of fees for any transactions from any persons desirous of transacting or transferring any amount of money into or out of Uganda."

Asubo has tasked the public to shun such unscrupulous persons and report to law enforcement agencies.

He has vowed to ensure FIA distinguishes itself as a centre of excellence in combating financial crime, which entails money laundering and terrorism financing.

FIA factfile

It was constituted under the Anti-Money Laundering Act, 2013 to outlaw money laundering and the financing of terrorism.

The authority scrutinises the integrity of the financial system through effective detection and prevention of financial crimes.

It penalises those found guilty of financial crimes by prescribing course of action in relation to proceeds of crime and properties of offenders.

FIA liaises with international crime investigating agencies to facilitate legal proceedings in the event of prosecution of purported offenders.

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