IMF urges Uganda to improve anti-money laundering efforts to avoid removal from the Financial Action Task Force grey list. Resource constraints hinder effective supervision, causing $6.6 billion in lost trade income and major casualties in gold and petroleum goods.
The International Monetary Fund (IMF) has advised Uganda to improve its anti-money laundering efforts to avoid being added to the Financial Action Task Force’s grey list. The IMF argues that resource constraints hinder effective supervision of anti-money laundering measures in Uganda’s financial sector. Trade-based money laundering costs the country over $6.6 billion in lost trade income, with gold and petroleum goods being major casualties. The IMF also advised the Bank of Uganda to take quick steps to finish the last of the country’s action plan commitments to get off the grey list. The IMF has given Uganda a four-month extension to comply with the action plan’s requirements until October. To address strategic deficiencies, the IMF recommends continuing to implement the action plan’s requirements.
