Uganda Celebrates Removal from FATF Grey List: Boosting Economic and Financial Integrity

Uganda has successfully been removed from the grey list of the Financial Action Task Force (FATF). 
This accomplishment marks a pivotal moment in Uganda's journey towards bolstering its financial integrity and standing strong against illicit financial activities. 

According to The Financial Intelligence Authority (FIA) , Uganda's successful exit from the FATF grey list not only reinforces the country's reputation as a responsible member of the global financial community but also enhances its attractiveness to investors and facilitates greater access to international financial markets.

In a press statement issued on February 23, 2024, the Executive Director of FIA, Mr Samuel Were Wandera states that the decision to delist Uganda from the grey list was disclosed by the FATF President, Mr T Raja Kumar while announcing the outcomes of the fifth plenary meeting which took place in Paris, France on 21-23 February 2024. 

"Uganda's exit from the FATF grey list is a testament to our unwavering commitment to fostering a transparent and secure financial environment. It reflects the concerted efforts of our government and regulatory authorities to strengthen our AML/CFT framework and safeguard our financial system from illicit activities," he said.

https://twitter.com/mofpedU/status/1761004409616540015

He added: “The Government of Uganda has been actively working to strengthen the effectiveness of its Anti-Money  Laundering/Countering Financing of Terrorism (AML/CFT) regime to implement the action plan agreed to, with the FATF which comprised 22 Action items.”
In February 2020, Uganda was added to the FATF's Grey List due to concerns about deficiencies in its Anti-Money Laundering and counterterrorism financing (AML/CFT) measures.
Nonetheless, since then, Uganda has enacted a sequence of stringent reforms and exhibited notable advancement in harmonizing its financial regulations with international standards.
The Financial Action Task Force (FATF) is an intergovernmental organization that promotes policies to combat money laundering and terrorist financing.and The "Grey List" is a list of "jurisdictions under increased monitoring"