KAMPALA – The Uganda Institute of Banking and Financial Services has launched an Anti-Money Laundering and Counter-Terrorism Financing course.
The initiative, which is between the Uganda Institute of Banking and Financial Services, Financial Intelligence Authority, Bank of Uganda, Police and Uganda Bankers Association, seeks to strengthen Uganda’s financial system and remove the country from the international grey list.
Speaking during the launch of the 3 tier course for bankers on Sunday, the head of asset recovery at the Inspectorate, Mr Kajura Simon Ogwal, said being placed on the grey list has dire consequences.
“Many of you have heard of instances where Ugandans are complaining of having gone to forex bureaus, let’s say in the Netherlands and tried to exchange €500, and they refused to exchange them and said only €200 can be exchanged because your passport is Ugandan,” he said.
According to Goretti Masadde, the Chief Executive Officer of the Uganda Institute of Banking and Financial Services, the 3-tier anti-money laundering and counter-terrorism financing course will help train bankers in detecting and dealing with money laundering.
“Our industry plays a critical role in the development of our country and the public we serve. However, it also bears the risk of being a conduit for the activities of wrong people that continually undo or undermine the safety and development efforts of our country and the globe through money laundering and terrorism financing. This course will therefore equip bankers with knowledge and techniques to detect laundered money,” she said.
Fiona Nabaggala, Acting Director of Compliance at FIA, stressed the vital role banks play in combating money laundering. She said that the 3-tier course by UIBFS is key to safeguarding our financial system.
“Banks have been identified as the prime focus of money laundering and provide an entry point for laundered money into the financial system. Research indicates that the risk in the banking sector is high,” Nabaggala said.
She said the recent advances in technology and globalization have offered and will continue to offer more sophisticated means to convert ill-gotten proceeds to legally acceptable finance assets like the use of cryptocurrencies.
“As banks, the biggest challenge is to recognise that technology and globalization have given launderers an opportunity to explore new techniques to commit and cover their crime which therefore requires becoming more vigilant and dynamic,” she stressed.
