KAMPALA, Uganda – The recent removal of Uganda from the Financial Action Task Force (FATF) Grey List has been hailed as a significant milestone in the country’s efforts to combat financial crimes and enhance its standing in the global financial community.
According to Godfrey Sebaana, CEO of Diamond Trust Bank (DTB), Uganda’s removal from the Grey List is a testament to the country’s commitment to strengthening its anti-money laundering (AML) and counter-terrorism financing (CTF) frameworks.
“Exiting the Grey List is a substantial milestone, but it must be seen as the beginning of an ongoing commitment to compliance,” Sebaana stated during a recent dialogue themed “From Grey to Greatness – Ensuring Uganda Never Returns to the FATF Grey List through Public-Private Collaboration and Partnership.”
Sebaana emphasized the importance of sustained collaboration between the public and private sectors to ensure Uganda remains compliant with international standards. “We cannot afford to be complacent. To avoid returning to the Grey List, Uganda must continue to strengthen its regulatory oversight, invest in advanced compliance technologies, and empower regulatory bodies like the Financial Intelligence Authority (FIA) with greater resources and autonomy.”
The DTB CEO also highlighted the need for ongoing dialogue between regulators and private sector stakeholders, as well as joint capacity-building initiatives, information sharing, and risk mitigation strategies.
“To maintain Uganda’s position in the global financial ecosystem, we must position the country as a competitive, secure, and attractive destination for global investment,” Sebaana concluded.
Uganda’s removal from the Grey List follows a recent onsite assessment to verify its reforms for anti-money laundering and countering terrorist financing. The country’s commitment to combating financial crimes and enhancing its standing in the global financial community is evident, but the journey ahead requires continued vigilance and collaboration.
As noted by Sylvia Namubiru, Acting Director of the Financial Intelligence Authority (FIA), “Uganda’s removal from the Grey List is a significant achievement, but we must remain vigilant and continue to strengthen our AML/CFT frameworks to prevent the risk of re-listing.”
Namubiru emphasized the importance of public-private partnerships in combating financial crimes. “We must work together to identify and mitigate risks, share information, and build capacity to ensure that Uganda remains compliant with international standards.”
The dialogue, which brought together key stakeholders from the public and private sectors, highlighted the need for sustained collaboration and commitment to combating financial crimes and enhancing Uganda’s standing in the global financial community.
As Sebaana noted, “At DTB, we remain committed to leading the way in building a robust and compliant financial ecosystem that supports Uganda’s long-term sustainable economic growth.”
