Regulatory Alerts2023-01-01
Foreign Exchange Act Cap. 167
The Bank of Uganda issued this Act to regulate foreign currency transactions, international payments, and money remittance within the country. It mandates licensing for foreign exchange and remittance businesses, establishes minimum capital thresholds, and grants the Governor authority to impose temporary exchange controls during balance-of-payments deterioration. The legislation further empowers regulatory authorities to suspend or revoke licenses, compel information disclosure, and execute search and seizure proceedings to ensure strict compliance with foreign exchange regulations.
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