Regulatory Alerts2013-01-01
Anti-Money Laundering Act 2013
Enacted by the Parliament of Uganda, this legislation prohibits and prevents money laundering by establishing a Financial Intelligence Authority to oversee compliance and impose reporting duties on financial institutions and accountable persons. The Act mandates rigorous customer due diligence, record-keeping, and the reporting of cash and suspicious transactions, while granting authorities broad powers to issue production, search, monitoring, and restraining orders to freeze or seize tainted property. It criminalizes laundering activities, outlines procedures for confiscation and pecuniary penalties, designates money laundering as an extraditable offence, and establishes specific non-compliance offences with corresponding penalties to ensure robust enforcement.