Regulatory Alerts2022-06-01
Bank of Uganda Notification on the Updated FATF List of High-Risk Jurisdictions
The Bank of Uganda, acting on the Financial Intelligence Authority’s notification, has updated its high-risk jurisdiction list by adding the United Arab Emirates to increased monitoring and removing Zimbabwe following the March 2022 FATF plenary meeting. All supervised financial institutions must apply effective and proportionate enhanced due diligence measures to transactions and business relationships involving natural and legal persons from these monitored jurisdictions. This directive, grounded in Section 21A of the Anti-Money Laundering Act and Regulation 44, mandates risk-based counter-measures and continued compliance with correspondent banking obligations to mitigate money laundering and terrorist financing risks.
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