The ngo act was passed even though, in 2010, the ministry of interior affairs. This years revisions expand the discussion on providing banking services to money services. He has contributed to, and was editor of, the fraud examination manual for the association of certified fraud examiners. The fatf blacklist or oecd blacklist has been issued by the fatf of the organization for economic cooperation and development oecd since 2000, and lists countries which oecd judges to be noncooperative in the global fight against money laundering and terrorist financing, calling them noncooperative countries or territories nccts.
To add to the considerable list of anti corruption legislation already on the books, the uganda parliament recently enacted the anti money laundering act of 20 amla. Federal financial institutions examination council. Our team international anticorruption resource center. I would like, from the outset, to acknowledge and commend the positive contribution that sister security agencies, that is, the uganda peoples defense forces updf, the internal security organization iso, the external security organization eso and the uganda prisons service, have made in. The ffiec has released the 2010 version of the bsaaml examination manual. The antimoney laundering regulations 2015 financial. To guide jurisdictions in assessing their mltf risks, with a view to helping. See federal financial institution examination council bank secrecy act anti money laundering examination manual august 2007, at pp. Antimoney laundering act 2010 preamble of this act says, whereas it is expedient to provide for prevention of money laundering, combating financing of terrorism and forfeiture of property derived from, or involved in, money laundering or financing of terrorism and for matters connected therewith or incidental thereto. Ppt antimoney laundering powerpoint presentation free to. Uganda online law library inspectorate of government.
The anti money laundering regulations issued in terms of fi act have also been considered for the purpose of the assessment. The eastern and southern africa anti money laundering group esaamlg completed its assessment of uganda s anti money laundering and counterterrorist financing amlcft system. Bsaaml examination manual section list and download options. Board of governors of the federal reserve system, federal deposit insurance corporation, national credit union administration, office of the comptroller of the currency, consumer financial protection bureau and state liaison committee. Whilst the assessment team was able to determine that the understanding of ml risks in uganda is still very low, the team is also of. Financial institutions anti money laundering regulations uganda. The bank of uganda bou has confirmed that in the event of. Anti money laundering and combating the financing of terrorism. Guaranty trust bank plc the bank is dedicated to the combating of financial crimes, including money laundering and terrorist financing. The financial institutions antimoney laundering regulations, 2010 these regulations enable financial institutions to recognise and disclose information on suspicious transactions and to check the negative social and economic and political effects of money laundering and on the financing of terrorism. Assessing the role of the antimoney laundering framework in. Global anti money laundering software market report 20182023 anti money laundering software is software used in the finance and legal industries to meet the legal requirements for financial institutions and other regulated entities to prevent or report money laundering activities. The proceeds of crime and antimoney laundering act, 2009 act no. Anti money laundering amendment act, 2017 uganda legal.
Antimoney laundering act, 20, and on the advice of the financial. Even though the government has put in place a number of anti money laundering initiatives, including setting up an anti narcotics police unit and drafting an anti money laundering bill, neither the government nor kenyan legislators appears keen to utilise these initiatives. In this regard, the bank has implemented a framework for anti money laundering aml, combating the financing of terrorism cft and the prevention of the financing and proliferation of. Tanzania antimoney laundering legislation, regulations. Traceability of financial information has an important deterrent effect. Anti money laundering and counter terrorist financing measures uganda. The funds and property may be from either legitimate or criminal sources. Pdf anti money laundering and counter terrorist financing. The rwanda bar association is not involved in supervising or enforcing compliance with anti money laundering regulations. Desk study on financial regulation drivers for current. Ulii is a member of the global free access to law movement and of the african lii community. An index of anti money laundering laws since 1970 with their respective requirements and goals are listed below in chronological order. Uganda is on the fatf list of countries that have been identified as having strategic aml deficiencies. If a business or company is involved in money laundering and it is eventually unearthed, they can lose reputation and eventually profits because people will be reluctant to do business with them.
Bank of uganda is tasked with the regulation of the activities of financial institutions including their compliance with aml requirements under the financial institutions act 2004 and the financial institutions antimoney laundering regulations of 2010. This briefing paper looks at the ugandas antimoneylaundering and countering. The paper is limited in its analysis to the context of corruption. The ranking, interactive world map and report are published annually by the basel institute on governance. The template provides text examples, instructions, relevant rules and web sites, and other resources. Financial institutions anti money laundering regulations. Finra provides an antimoney laundering template to assist small firms in establishing the aml compliance program required by the bank secrecy act, its implementing regulations, and finra rule 3310. Mtn is an equal opportunity employer and is seeking to recruit competent individuals to fill the vacant position of anti money laundering aml officer. Since then, numerous other laws have enhanced and amended the bsa to provide law enforcement and regulatory agencies with the most effective tools to combat money laundering. The finra manual keeps investment professionals up to date on all our official regulations. Among all the licensed forex bureaus in uganda, metropolitan forex bureau u ltd offers the best currency exchange rates on the days market plus faster. Enforcement of the uganda aml framework by supervision, investigation and. Uganda s remittance corridors from united kingdom, united.
Page 11 anti money laundering is preventing the criminal practice of cleaning dirty money through a series of transactions. Tanzania antimoney laundering legislation, regulations and guidelines. The template provides language concerning, among other things, the final customer identification rule. These are botswana, kenya, lesotho, malawi, mauritius, mozambique, namibia, the. May 16, 2016 i am pleased to present the annual crime and trafficroad safety report for the year 2010. Jul 26, 2018 other countries in the east african region that have already enacted anti money laundering legislation include tanzania, rwanda, and burundi, and uganda. Whilst the assessment team was able to determine that the understanding of ml risks in uganda is still very low, the team is also of the view that vulnerabilities likely to increase ml risks are.
Anti money laundering act, 20, and on the advice of the financial intelligence authority board, these regulations are made this 24th day of december, 2015. Uganda has set up an anti money laundering body chaired by edward katimbo mugwanya, director of supervision at the bank of uganda. Anti money laundering examination manual federal financial institutions examination council board of governors of the federal reserve system, federal deposit insurance corporation, national credit union administration, office of the comptroller of the currency, office of thrift supervision, and state liaison committee 2010. Page 11 antimoney laundering bank information security.
The offence of money laundering is created as an offence separate from other offences. An independent ranking that assesses the risk of money laundering and terrorist financing mltf around the world. Uganda online law library uganda online law library uganda online law library uganda online law library 6 the anti money laundering act, 20 an act to provide for the prohibition and prevention of money laundering, the establishment of a financial intelligence authority and a financial intelligence. Antimoney laundering exam manual revised bankinfosecurity. Money laundering overview jm department of justice.
Tanzania antimoney laundering legislation, regulations and. Antimoney laundering and combating the financing of terrorism. There are four basic types of software that address anti. Bank secrecy act antimoney laundering examination manual federal financial institutions examination council board of governors of the federal reserve system, federal deposit insurance corporation, national credit union administration, office of the comptroller of the currency, office of thrift supervision, and state liaison committee 2010. A graduate of princeton university and georgetown law school, mr. Money laundering is a process intended to mask the benefits derived from. The online link under view allows you to see the selected section online or by selecting pdf under download you can print or save the selected section. Other antimoney laundering regulator s bank of uganda. Bank secrecy act anti money laundering examination manual for money services businesses table of contents introduction 1 objectives of manual 2 structure of manual 2 money services business overview 4 typical management structure of an msb 4 branches andor agents 5 general scope of the bsa regulations 6 overview of check cashers 6 basic model of a check casher 6. Antimoney laundering act, 2008 act 749 5 a the retention or the control by or on behalf of that other person of the proceeds from unlawful activity is facilitated, or b the proceeds from that unlawful activity are used to make funds available to acquire property on behalf of that other person.
Anti money laundering legislation strengthens the area in cooperation amongst member states to fight money laundering and terrorist financing because such crimes involve transnational cooperation. Mutual evaluationdetailed assessment report anti money. Uk bribery act 2010 guidance 3242016 bvi business companies act 2004 including proposed 2012 amendments 3242016 anti money laundering and terrorist financing code of practice 2008 452016. This report provides a summary of the amlcft measures in place in uganda as of the date of completion of the onsite the mission, february 23. Anti money laundering policy the metropolitan forex bureau aml policy is designed to prevent money laundering. Antimoney laundering and combating the financing of terrorism amlcft. Each employee is required to read and comply with this compliance manual, address concerns to the compliance officer and sign the acknowledgement form confirming that heshe has read and understands ahls anti money laundering policies and procedures.
The nineman committee includes representatives from the uganda institute of bankers, the state attorneys office, the anti narcotics police and the immigration, customs and uganda revenue authorities. This explanatory memorandum has been prepared by the treasury and is laid before parliament by command of her majesty. This guidance assumes that many businesses will find it easier. This paper examines the amla, which now forms the main axis of aml legislation in uganda. If a business or company is involved in money laundering and it is eventually unearthed, they can lose reputation and eventually profits because people will be reluctant to do.
Our rules finra s rules and guidelines ensure a safe and fair market. An overview of the antimoney laundering legal regime in uganda. It outlines finra s unique rules and guidelines, as well as our current corporate organization. The eastern and southern africa antimoney laundering group esaamlg completed its assessment of ugandas antimoney laundering and counterterrorist financing amlcft system. This antimoney laundering operating manual manual aims to make an appropriate, comprehensive and effective compliance policy for the company as a publicly listed company. The financial institutions antimoney laundering regulations, 2010. The european union adopted the first anti money laundering directive in 1990 in order to prevent the misuse of the financial system for. This act may be cited as the antimoney laundering act, 2006 short title. Gopac antimoney laundering action guide for parliamentarians.
Antimoney laundering and combating the financing of. Fsc compliance inspection procedures manual the british. Anti money laundering and fight against corruption in uganda. The general duties of the antimoney laundering authority the authoritys duties include. This extract lays out the inspectorates mandate as stipulated by the constitution of th republic of uganda. Finra provides a template for small firms word format 164 kb to assist them in fulfilling their responsibilities to establish the anti money laundering program. As a result, providers must conduct manual customer identity verification.
Other anti money laundering regulators bank of uganda. Anti money laundering model operating manual for covered institutions chapter 1 introduction chapter 2 description of money laundering chapter 3 basic principles and policies to combat money laundering chapter 4 customer identification chapter 5 record keeping chapter 6 covered and suspicious transactions chapter 7 reportorial requirements chapter 8. View the ffiec bank secrecy act anti money laundering infobase that was developed by the ffiecs task force on examiner education and the task force on supervision to provide field examiners at the financial institution regulatory agencies with an electronic source for training and distributing needed examination information. It is only required to mornitor the professional conduct of lawyers while rendering their services in rwanda and report all cases related to money laundering to the fiu when necessary. Enacted by parliament of the united republic of tanzania. Every year the anti money laundering bank security act amlbsa examination manual undergoes revisions. Kramer is the author of two books, numerous training materials, software programs, and professional articles on fraud, money laundering and computer fraud.
These rules are constantly changing to adapt to new developments in the industry. To view specific sections of the manual, select within the left column. Amlcft antimoney launderingcombating the financing of terrorism. We have expanded our operations and services in kampala city and in entebbe. United kingdom, united states, and south africa, analyzes and compares three bilateral remittance corridors. Antimoney laundering model operating manual for banks and. Aug 31, 2016 in order to fulfill its international obligations, uganda enacted the anti money laundering act 20 to provide for the prohibition and prevention of money laundering. Nov 06, 2015 anti money laundering model operating manual for covered institutions chapter 1 introduction chapter 2 description of money laundering chapter 3 basic principles and policies to combat money laundering chapter 4 customer identification chapter 5 record keeping chapter 6 covered and suspicious transactions chapter 7 reportorial requirements chapter 8 internal control and procedures chapter 9. It is essential that gatekeepers banks and other obliged entities apply measures to prevent money laundering and terrorist financing. Indeed, uganda has been working on a draft anti money laundering law for at least two years and the draft still has not been introduced into the. Financial institutions antimoney laundering regulations, 2010. Amlcft anti money laundering combating the financing of terrorism. An example in uganda is people who donate a lot of money to charitable causes are often held with very high esteem. The money laundering amendment regulations 2015 2015 no.
Handbook on antimoney laundering and combating the. Revised bank secrecy act anti money laundering examination manual. This preliminary overview is an attempt to contribute to an understanding of the dimensions of money laundering in the countries which comprise the east and southern african anti money laundering group esaamlg. Handbook on anti money laundering and combating the financing of terrorism 4 figure 1. August 9, 2010 to chief executives of commercial banks, nonbank financial institutions and mortgage finance companies guidance note no. Preamble of this act says, whereas it is expedient to provide for prevention of money laundering, combating financing of terrorism and forfeiture of property derived from, or involved in, money laundering or financing of terrorism and for matters connected therewith or incidental thereto. Baseline study on antimoney laundering and countering the. Anti money laundering policy metropolitan forex bureau.
Bank of uganda is tasked with the regulation of the activities of financial institutions including their compliance with aml requirements under the financial institutions act 2004 and the financial institutions anti money laundering regulations of 2010. Anti money laundering aml officer mtn uganda is the leading telecommunications company in uganda, providing mobile money, payphone, fixed lines, faxdata, internet and mobile services. Financial institutions agent banking regulations, 2017 no. The inspectorate of government is mandated to fight corruption by the national constitution of 1995 and the inspectorate of government act 2002. View the ffiec bank secrecy act anti money laundering manual bsaaml risk assessment page under the compliance program section. Act and the aml regulations issued pursuant to the fi act in 2010 existed for financial. The revised manual reflects the ongoing commitment of the federal and state banking agencies to provide current and consistent guidance on riskbased policies, procedures, and processes for banking organizations to comply with the bsa and safeguard operations from money laundering and terrorist financing. The basel aml index expert edition is used as an aml risk assessment tool for compliance and due diligence purposes. Bank of uganda is tasked with the regulation of the activities of financial institutions including their compliance with aml requirements under the financial institutions act 2004 and the financial institutions anti money laundering regulations of 2010 the capital markets authority cma. Finance minister applauds global recognition of pakistans enhansed compliance with international corporate governance standards. In 2010, sudan adopted the money laundering and terrorist. Bank secrecy act antimoney laundering examination manual. The revised manual reflects the ongoing commitment of the federal banking agencies and the financial crimes enforcement network fincen to provide current and.
Anti money laundering and counter terrorist financing. Uganda health marketing group v financial intelligence authority miscellaneous cause no. The ffiec maintains an examination manual for bsaaml. Biggest news source for news in uganda and the east african region,breaking news in uganda and daily news and the latest from uganda ugandan m ps pass anti money laundering bill news. Jobs at mtn in uganda anti money laundering officer.
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