Uganda Financial Intelligence Authority

Uganda Financial Intelligence Authority
UFIA
Agency overview
Formed 2014
Jurisdiction Government of Uganda
Headquarters Kampala, Uganda
Agency executive
Parent agency Uganda Ministry of Finance and Economic Planning

The Uganda Financial Intelligence Authority (UFIA), is a government agency established by the Parliament of Uganda to monitor, investigate, and prevent money laundering in the country. It is also responsible for the enforcement of Uganda's anti-money laundering laws and the monitoring of all financial transactions inside the country's borders.

Location

The agency's headquarters are located in Kampala, the capital of Uganda, the third-largest economy in the East African Community. As resources become available, offices will be opened in other urban centers in the country.

History

The parliamentary bill creating UFIA was passed in July 2013, after two previous attempts. Known as the Anti-Money Laundering Act, the law puts Uganda in harmony with its East African Community neighbors, Kenya, Tanzania, and Rwanda, which passed similar laws before.[1]

Administration

Established under the Ministry of Finance and Economic Planning, UFIA operates independently under the direction of its own board of directors. UFIA's management team is led by the executive director, who is appointed by the Minister of Finance on the recommendation of the board. In August 2014, the Ugandan Cabinet agreed on the following five members, to constitute the UFIA board.[2]

  • Leo Kibirango - chairperson
  • Grace Akullo
  • Patrick Ocailap
  • Justine Bagyenda
  • Patricia Mutesi

Recent developments

In July 2014, Maria Kiwanuka, Uganda's finance minister, appointed Sydney Asubo, an experienced lawyer, to act as the interim executive director for six months while the agency's board of directors was being constituted.

Asubo's mandate includes the establishment of the agency, by hiring staff and setting up operation structures.[3]

In February 2016, the UFIA signed a Memorandum of Understanding (MoU) with the Directorate of Public Prosecutions and the Uganda Registration Services Bureau. The MoU is meant to minimize the bureaucracy associated with government institutions and ease free flow of information between the three government agencies.[4]

See also

References

  1. ↑ Abdallah, Halima (13 July 2013). "Uganda finally passes anti-money laundering Bill in sync with partners". The EastAfrican. Nairobi. Retrieved 5 October 2014.
  2. ↑ Lumu, David (15 August 2014). "Cabinet approves financial investment board". New Vision. Kampala. Retrieved 5 October 2014.
  3. ↑ Candia, Steven (12 August 2014). "Financial Intelligence Authority formed". New Vision. Kampala. Retrieved 5 October 2014.
  4. ↑ Anthony Wesaka, and Jonathan Adengo (17 February 2016). "DPP joins fight against money laundering". Daily Monitor. Kampala. Retrieved 17 February 2016.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.