BOU wants conditions for opening accounts tightened

BANK OF UGANDA | MONEY LAUNDERING

Bank of Uganda wants commercial institutions to tighten conditions for opening up accounts, so as to curb money laundering.

The Deputy Governor of Bank of Uganda, Dr. Louis Kasekende, said bankers should work with the Central Bank to minimise illegal transfer of money and the same applies to mobile money operators.

Kasekende was responding to queries raised by officials from the African Peer Review Mechanism on the strategies that have been lined up to curb illegal inflow of cash through commercial banks and Mobile Money.

On the slow economic growth, Kasekende said the economy suffered a blow last year, following a drought which affected agriculture, yet it is the main economic activity in the country.