KAMPALA – In a significant move to fortify its financial system, Uganda has officially launched an update to its National Money Laundering and Terrorism Financing Risk Assessment (NRA). The launch marks a critical step in the nation’s ongoing fight against financial crime.
Hailed as the cornerstone of Uganda’s Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) framework, the NRA is a vital strategic document. It enables the country to systematically identify, evaluate, and understand the specific risks posed by money laundering and terrorism financing. This detailed understanding is essential for developing targeted, risk-based strategies to effectively mitigate these threats.
This updated assessment builds upon the foundational work of previous NRAs conducted in 2017 and 2023. It is designed to incorporate a wealth of new information, reflecting the dynamic nature of the modern financial landscape. Key areas of focus for the new evaluation include:
· The rapid growth of digital payments and fintech,
· The emergence and rise of virtual assets, and
· Evolving patterns in cross-border trade systems.
By integrating data on these evolving sectors, the assessment aims to provide a current and comprehensive understanding of the vulnerabilities facing Uganda. This evidence-based analysis will be instrumental in shaping future policy decisions aimed at strengthening the integrity and resilience of the national financial system.
The findings of the NRA will serve as a critical guide for a wide range of stakeholders. Supervisors, law enforcement agencies, competent authorities, and the private sector will all rely on its insights to implement effective, coordinated mitigation measures. This collective effort is crucial to safeguarding not only Uganda’s financial system but also its broader economic stability and security.
As stated at the launch, “This comprehensive risk assessment will provide a current understanding of the risks facing our country, informing policy decisions aimed at strengthening the integrity of Uganda’s financial system.” The initiative underscores Uganda’s continued commitment to aligning with international standards and protecting its economy from the threats of illicit financial flows.
