Regulatory Alerts2023-01-01
The Foreign Exchange (Amendment) Act 2023
Enacted by the Parliament of Uganda, this legislation amends the Foreign Exchange Act 2004 to raise minimum capital thresholds and strengthen licensing for foreign exchange bureaus and money remittance companies. The Bank of Uganda may levy administrative penalties, mandate technology adoption, and order recapitalization or license revocation for undercapitalized entities. Existing businesses must align with Anti-Money Laundering reporting standards and capital requirements within specified transitional periods, while licensed financial institutions remain exempt.
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