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The Financial Intelligence Authority (FIA) has expressed frustration over failure by cryptocurrency operators to register with the government agency. Cryptocurrency trading, also known as mining, is a growing global wave which is increasingly tilting the traditional global financial system. But Sydney Asubo, the FIA executive director, says they have been asking cryptocurrency operators to register but very few have responded. “Virtual assets service providers are now in category 16 of the most vulnerable to terrorism financing and money laundering. In 2020, we gave them one month to register but only a few responded,” he says. Asubo said there is a…
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Tomorrow, December 28th 2020, human rights lawyer, Nicholas Opiyo will appear before the High Court to answer charges of Money Laundering contrary to Sections 3 (c) 116 and 136(1)(a) of the Anti-Money Laundering Act (2017). According to the charges, Mr. Opiyo Nicholas on the 8th Day of October 2020 at Absa Bank, Garden City Branch, Kampala District, acquired USD340,000 (Three Hundred Forty Thousand United States Dollars) through Absa Bank, Account No.6004078045 in the names of Chapter Four Uganda, knowing at the time of receipt that the said funds were proceeds of crime. Mr. Opiyo who also doubles as the…
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By Sydney Asubo On the 7th of December 2020, Uganda assumed the Presidency of the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG). Uganda took over the Presidency from the Kingdom of Eswatini at the 20th Council of Ministers’ Meeting which was held virtually due to the prevailing challenges occasioned by the COVID-19 pandemic. Hon. Matia Kasaija, the Minister of Finance, Planning and Economic Development is the new President of the Council of Ministers, and will hold the Presidency for one year. The Council of Ministers’ meeting was preceded by the combined 39th and 40th ESAAMLG Task Force of Senior…
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By Sydney Asubo With people facing confinement or strict social distancing measures, in-person banking and access to other financial services being difficult, and unnecessarily exposes people to the risk of infection. The Financial Intelligence Authority (FIA) encourages the fullest use of responsible digital customer onboarding and delivery of digital financial services in light of social distancing measures put in place by the Government of Uganda. While unintended, these measures may provide new opportunities for criminals and terrorists to generate and launder illicit proceeds. The FIA advises financial institutions to remain alert about malicious or fraudulent transactions similar to those that…
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In simple terms, tell us about the Financial Intelligence Authority, its mandate, and why it’s important for a country like Uganda? The background to this all was the phenomenal growth in organised crime in the 1980s. Very few people were getting convicted of organised crime especially drug trafficking because the drug traffickers (the mafias) in America and in Europe would find a way of making sure that witnesses don’t get to testify, either by killing them off or by intimidating them or bribing them off. The response by the justice system was that at least if you cannot prosecute the…
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The Executive Director of the Financial Intelligence Authority (FIA) Mr. Sydney Asubo has said his organisation is yet to get any report from the Inspectorate of Government (IG) regarding their…
Justine Bagyenda, the sacked former Bank of Uganda, Executive Director in Charge of Supervision, according to leaked reports, deliberately hid from her own appointments hearing by the parliamentary Appointments Committee….
The Uganda Financial Intelligence Authority (FIA), has formally placed former Bank of Uganda Executive Director, Supervision, Mrs. Justine Bagyenda under investigation over allegations that “the assets and finances she has…
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