Uganda is on the list of countries with significant deficiencies in the area of anti-money laundering. The information was revealed by the Executive Director of the Finance Intelligence Authority, Sydney Asubo.

In the fight against money laundering, Uganda needs to do more. Uganda has been placed on the gray list in 2020. This means that the country has been identified but has committed to the Financial Action Task Force (FATF) to address the specific issues within a defined time frame” , said Sydney Asubo, before the Finance Committee. He added that the FATF wrote to the Ugandan Minister of Finance who responded with a commitment to resolve the issues identified by January 2022. This commitment was later pushed back to May 2022 due to the impact of Covid19. For Sydney Asubo, the consequences are dire because being on the gray list means the world is aware that the country is struggling to combat money laundering.