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Money laundering, financial crime worries regional States

Peter 4th Apr, 2025 Economy Pedson Mumbere
Money laundering, financial crime worries regional States

Banknotes from different countries. Financial crime is still a global challenge for many countries.


In a resounding declaration aimed at securing regional financial stability, the Government of Uganda has pledged support for initiatives battling money laundering and terrorism financing, emphasizing that the stakes are far higher than mere financial compliance.

Speaking at the 49th Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) Task Force of Senior Officials meeting at Speke Resort Munyonyo, the Prime Minister Robina Nabbanja, who represented President Yoweri Museveni, underscored the critical need for enhanced information sharing, capacity building, and policy harmonization.

"Money laundering and the financing of terrorism and proliferation of weapons of mass destruction are not mere financial crimes; they pose direct threats to our national security, economic stability, and development," Nabbanja stated.

  • A significant milestone for Uganda was its removal from the Financial Action Task Force (FATF) grey list in February last year. Uganda had been placed on the list due to deficiencies in its Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) framework.

Over the past two years, the government implemented critical reforms, including the strengthening of the Financial Intelligence Authority (FIA) and the enactment of stringent financial compliance measures.

However, despite these efforts, the European Union still maintains Uganda on its grey list, citing the need for further enhancements in financial oversight and enforcement.

  • Delegates heard that money laundering and terrorism financing present significant threats to the economy. According to FIA Uganda, the country loses an estimated UGX 2 trillion ($530 million) annually to illicit financial flows. These funds are often linked to tax evasion, corruption, and organized crime, undermining economic growth and public service delivery.
Money laundering, financial crime worries regional StatesPrime Minister Robinah Nabbanja (M) poses with some of the delegates and top Government officials at the meeting on April 3.

The global impact of money laundering is even more staggering, with the United Nations estimating that between 2% and 5% of global GDP amounting to $800 billion to $2 trillion is laundered annually.

State Minister for General Duties Henry Musasizi elaborated on Uganda's proactive stance, highlighting the adoption of a risk-based approach to supervision. This involves targeted audits of high-risk sectors such as real estate, digital financial services, and cross-border transactions.

Ramathan Ggoobi, the Permanent Secretary of the Ministry of Finance and Secretary to the Treasury, emphasized the challenges posed by the misuse of emerging technologies, particularly cryptocurrency, and the cross-border nature of illicit financial flows.

"Financial criminals are increasingly using sophisticated digital platforms to launder money. We must enhance our cyber intelligence capabilities and international cooperation to curb this trend," Ggoobi noted.

  • The ESAAMLG meeting focused on reviewing Uganda's implementation of FATF recommendations and compliance with global financial regulations, tackling key regional obstacles in the fight against financial crimes, including weak enforcement mechanisms and gaps in financial intelligence, and strengthening collaboration between Financial Intelligence Units (FIUs), law enforcement agencies, and the banking sector.
  • Over the past year, FIA has increased its surveillance of financial institutions, conducted more than 150 risk assessments, and flagged over UGX 1 trillion ($265 million) in suspicious transactions.

These efforts have led to multiple investigations and arrests, demonstrating Uganda’s commitment to tackling financial crime head-on.

However, significant challenges in eliminating illicit financial activities persist. According to the Office of the Director of Public Prosecutions (ODPP), Uganda has secured only 30 convictions related to money laundering cases in the past five years, highlighting the need for a more robust legal framework and judicial processes.

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