Federal financial institutions examination council. These are botswana, kenya, lesotho, malawi, mauritius, mozambique, namibia, the. Amlcft antimoney launderingcombating the financing of terrorism. Tanzania antimoney laundering legislation, regulations and. Baseline study on antimoney laundering and countering the. The ffiec has released the 2010 version of the bsaaml examination manual. This act may be cited as the antimoney laundering act, 2006 short title. Traceability of financial information has an important deterrent effect. Other anti money laundering regulators bank of uganda. Board of governors of the federal reserve system, federal deposit insurance corporation, national credit union administration, office of the comptroller of the currency, consumer financial protection bureau and state liaison committee. View the ffiec bank secrecy act anti money laundering infobase that was developed by the ffiecs task force on examiner education and the task force on supervision to provide field examiners at the financial institution regulatory agencies with an electronic source for training and distributing needed examination information. Preamble of this act says, whereas it is expedient to provide for prevention of money laundering, combating financing of terrorism and forfeiture of property derived from, or involved in, money laundering or financing of terrorism and for matters connected therewith or incidental thereto. Handbook on anti money laundering and combating the financing of terrorism 4 figure 1.
Bank secrecy act antimoney laundering examination manual federal financial institutions examination council board of governors of the federal reserve system, federal deposit insurance corporation, national credit union administration, office of the comptroller of the currency, office of thrift supervision, and state liaison committee 2010. Page 11 antimoney laundering bank information security. Financial institutions agent banking regulations, 2017 no. The paper is limited in its analysis to the context of corruption. Uganda is on the fatf list of countries that have been identified as having strategic aml deficiencies. An independent ranking that assesses the risk of money laundering and terrorist financing mltf around the world. The template provides text examples, instructions, relevant rules and web sites, and other resources. It is only required to mornitor the professional conduct of lawyers while rendering their services in rwanda and report all cases related to money laundering to the fiu when necessary. This antimoney laundering operating manual manual aims to make an appropriate, comprehensive and effective compliance policy for the company as a publicly listed company. The fatf blacklist or oecd blacklist has been issued by the fatf of the organization for economic cooperation and development oecd since 2000, and lists countries which oecd judges to be noncooperative in the global fight against money laundering and terrorist financing, calling them noncooperative countries or territories nccts. Anti money laundering and fight against corruption in uganda.
Uganda online law library uganda online law library uganda online law library uganda online law library 6 the anti money laundering act, 20 an act to provide for the prohibition and prevention of money laundering, the establishment of a financial intelligence authority and a financial intelligence. Antimoney laundering exam manual revised bankinfosecurity. Indeed, uganda has been working on a draft anti money laundering law for at least two years and the draft still has not been introduced into the. Whilst the assessment team was able to determine that the understanding of ml risks in uganda is still very low, the team is also of the view that vulnerabilities likely to increase ml risks are. The proceeds of crime and antimoney laundering act, 2009 act no.
This years revisions expand the discussion on providing banking services to money services. The ranking, interactive world map and report are published annually by the basel institute on governance. This preliminary overview is an attempt to contribute to an understanding of the dimensions of money laundering in the countries which comprise the east and southern african anti money laundering group esaamlg. Enforcement of the uganda aml framework by supervision, investigation and. The revised manual reflects the ongoing commitment of the federal and state banking agencies to provide current and consistent guidance on riskbased policies, procedures, and processes for banking organizations to comply with the bsa and safeguard operations from money laundering and terrorist financing. Uganda has set up an anti money laundering body chaired by edward katimbo mugwanya, director of supervision at the bank of uganda. Enacted by parliament of the united republic of tanzania. The offence of money laundering is created as an offence separate from other offences.
Anti money laundering examination manual federal financial institutions examination council board of governors of the federal reserve system, federal deposit insurance corporation, national credit union administration, office of the comptroller of the currency, office of thrift supervision, and state liaison committee 2010. Tanzania antimoney laundering legislation, regulations. This guidance assumes that many businesses will find it easier. Guaranty trust bank plc the bank is dedicated to the combating of financial crimes, including money laundering and terrorist financing. Uganda s remittance corridors from united kingdom, united. Bank of uganda is tasked with the regulation of the activities of financial institutions including their compliance with aml requirements under the financial institutions act 2004 and the financial institutions antimoney laundering regulations of 2010. Anti money laundering amendment act, 2017 uganda legal. We have expanded our operations and services in kampala city and in entebbe. Antimoney laundering and combating the financing of.
The template provides language concerning, among other things, the final customer identification rule. Act and the aml regulations issued pursuant to the fi act in 2010 existed for financial. There are four basic types of software that address anti. Our rules finra s rules and guidelines ensure a safe and fair market. Kramer is the author of two books, numerous training materials, software programs, and professional articles on fraud, money laundering and computer fraud. Tanzania antimoney laundering legislation, regulations and guidelines.
This report provides a summary of the amlcft measures in place in uganda as of the date of completion of the onsite the mission, february 23. Antimoney laundering model operating manual for banks and. Antimoney laundering act, 2008 act 749 5 a the retention or the control by or on behalf of that other person of the proceeds from unlawful activity is facilitated, or b the proceeds from that unlawful activity are used to make funds available to acquire property on behalf of that other person. Antimoney laundering act 2010 preamble of this act says, whereas it is expedient to provide for prevention of money laundering, combating financing of terrorism and forfeiture of property derived from, or involved in, money laundering or financing of terrorism and for matters connected therewith or incidental thereto. Amlcft anti money laundering combating the financing of terrorism. Page 11 anti money laundering is preventing the criminal practice of cleaning dirty money through a series of transactions. If a business or company is involved in money laundering and it is eventually unearthed, they can lose reputation and eventually profits because people will be reluctant to do business with them. May 16, 2016 i am pleased to present the annual crime and trafficroad safety report for the year 2010. Anti money laundering act, 20, and on the advice of the financial intelligence authority board, these regulations are made this 24th day of december, 2015. Among all the licensed forex bureaus in uganda, metropolitan forex bureau u ltd offers the best currency exchange rates on the days market plus faster. Revised bank secrecy act anti money laundering examination manual. Financial institutions antimoney laundering regulations, 2010.
Anti money laundering legislation strengthens the area in cooperation amongst member states to fight money laundering and terrorist financing because such crimes involve transnational cooperation. I would like, from the outset, to acknowledge and commend the positive contribution that sister security agencies, that is, the uganda peoples defense forces updf, the internal security organization iso, the external security organization eso and the uganda prisons service, have made in. Uk bribery act 2010 guidance 3242016 bvi business companies act 2004 including proposed 2012 amendments 3242016 anti money laundering and terrorist financing code of practice 2008 452016. Bsaaml examination manual section list and download options. An act of parliament to provide for the offence of money laundering and to introduce measures for combating the offence, to provide for the. Other antimoney laundering regulator s bank of uganda. August 9, 2010 to chief executives of commercial banks, nonbank financial institutions and mortgage finance companies guidance note no. Handbook on antimoney laundering and combating the. If a business or company is involved in money laundering and it is eventually unearthed, they can lose reputation and eventually profits because people will be reluctant to do. Uganda online law library inspectorate of government. Antimoney laundering and combating the financing of terrorism. In 2010, sudan adopted the money laundering and terrorist. The inspectorate of government is mandated to fight corruption by the national constitution of 1995 and the inspectorate of government act 2002.
In this regard, the bank has implemented a framework for anti money laundering aml, combating the financing of terrorism cft and the prevention of the financing and proliferation of. Aug 31, 2016 in order to fulfill its international obligations, uganda enacted the anti money laundering act 20 to provide for the prohibition and prevention of money laundering. Finance minister applauds global recognition of pakistans enhansed compliance with international corporate governance standards. He has contributed to, and was editor of, the fraud examination manual for the association of certified fraud examiners. Bank secrecy act antimoney laundering examination manual. The anti money laundering regulations issued in terms of fi act have also been considered for the purpose of the assessment. United kingdom, united states, and south africa, analyzes and compares three bilateral remittance corridors. This extract lays out the inspectorates mandate as stipulated by the constitution of th republic of uganda.
The rwanda bar association is not involved in supervising or enforcing compliance with anti money laundering regulations. Each employee is required to read and comply with this compliance manual, address concerns to the compliance officer and sign the acknowledgement form confirming that heshe has read and understands ahls antimoney laundering policies and procedures. Mutual evaluationdetailed assessment report anti money. Global anti money laundering software market report 20182023 anti money laundering software is software used in the finance and legal industries to meet the legal requirements for financial institutions and other regulated entities to prevent or report money laundering activities. Anti money laundering aml officer mtn uganda is the leading telecommunications company in uganda, providing mobile money, payphone, fixed lines, faxdata, internet and mobile services.
Since then, numerous other laws have enhanced and amended the bsa to provide law enforcement and regulatory agencies with the most effective tools to combat money laundering. Assessing the role of the antimoney laundering framework in. It outlines finra s unique rules and guidelines, as well as our current corporate organization. The funds and property may be from either legitimate or criminal sources. Each employee is required to read and comply with this compliance manual, address concerns to the compliance officer and sign the acknowledgement form confirming that heshe has read and understands ahls anti money laundering policies and procedures. This briefing paper looks at the ugandas antimoneylaundering and countering. Money laundering overview jm department of justice. Nov 06, 2015 anti money laundering model operating manual for covered institutions chapter 1 introduction chapter 2 description of money laundering chapter 3 basic principles and policies to combat money laundering chapter 4 customer identification chapter 5 record keeping chapter 6 covered and suspicious transactions chapter 7 reportorial requirements chapter 8 internal control and procedures chapter 9. The eastern and southern africa antimoney laundering group esaamlg completed its assessment of ugandas antimoney laundering and counterterrorist financing amlcft system. Every year the anti money laundering bank security act amlbsa examination manual undergoes revisions.
These rules are constantly changing to adapt to new developments in the industry. To add to the considerable list of anti corruption legislation already on the books, the uganda parliament recently enacted the anti money laundering act of 20 amla. The finra manual keeps investment professionals up to date on all our official regulations. The money laundering amendment regulations 2015 2015 no. Anti money laundering and combating the financing of terrorism. Biggest news source for news in uganda and the east african region,breaking news in uganda and daily news and the latest from uganda ugandan m ps pass anti money laundering bill news. To guide jurisdictions in assessing their mltf risks, with a view to helping. Bank secrecy act anti money laundering examination manual for money services businesses table of contents introduction 1 objectives of manual 2 structure of manual 2 money services business overview 4 typical management structure of an msb 4 branches andor agents 5 general scope of the bsa regulations 6 overview of check cashers 6 basic model of a check casher 6.
An example in uganda is people who donate a lot of money to charitable causes are often held with very high esteem. Anti money laundering policy the metropolitan forex bureau aml policy is designed to prevent money laundering. Desk study on financial regulation drivers for current. View the ffiec bank secrecy act anti money laundering manual bsaaml risk assessment page under the compliance program section. This explanatory memorandum has been prepared by the treasury and is laid before parliament by command of her majesty. The ffiec maintains an examination manual for bsaaml. Our team international anticorruption resource center. Ulii is a member of the global free access to law movement and of the african lii community. The eastern and southern africa anti money laundering group esaamlg completed its assessment of uganda s anti money laundering and counterterrorist financing amlcft system. Jobs at mtn in uganda anti money laundering officer. Anti money laundering and counter terrorist financing measures uganda. An overview of the antimoney laundering legal regime in uganda.
Ppt antimoney laundering powerpoint presentation free to. Antimoney laundering act, 20, and on the advice of the financial. The financial institutions antimoney laundering regulations, 2010 these regulations enable financial institutions to recognise and disclose information on suspicious transactions and to check the negative social and economic and political effects of money laundering and on the financing of terrorism. Anti money laundering and counter terrorist financing. Financial institutions anti money laundering regulations uganda. See federal financial institution examination council bank secrecy act anti money laundering examination manual august 2007, at pp. Finra provides an antimoney laundering template to assist small firms in establishing the aml compliance program required by the bank secrecy act, its implementing regulations, and finra rule 3310. Gopac antimoney laundering action guide for parliamentarians.
Bank of uganda is tasked with the regulation of the activities of financial institutions including their compliance with aml requirements under the financial institutions act 2004 and the financial institutions anti money laundering regulations of 2010. Anti money laundering policy metropolitan forex bureau. The general duties of the antimoney laundering authority the authoritys duties include. Uganda health marketing group v financial intelligence authority miscellaneous cause no. Jul 26, 2018 other countries in the east african region that have already enacted anti money laundering legislation include tanzania, rwanda, and burundi, and uganda. The antimoney laundering regulations 2015 financial. The nineman committee includes representatives from the uganda institute of bankers, the state attorneys office, the anti narcotics police and the immigration, customs and uganda revenue authorities. It is essential that gatekeepers banks and other obliged entities apply measures to prevent money laundering and terrorist financing. The ngo act was passed even though, in 2010, the ministry of interior affairs. Mtn is an equal opportunity employer and is seeking to recruit competent individuals to fill the vacant position of anti money laundering aml officer. The online link under view allows you to see the selected section online or by selecting pdf under download you can print or save the selected section. Money laundering is a process intended to mask the benefits derived from. Finra provides a template for small firms word format 164 kb to assist them in fulfilling their responsibilities to establish the anti money laundering program. Antimoney laundering and combating the financing of terrorism amlcft.
The revised manual reflects the ongoing commitment of the federal banking agencies and the financial crimes enforcement network fincen to provide current and. Whilst the assessment team was able to determine that the understanding of ml risks in uganda is still very low, the team is also of. The bank of uganda bou has confirmed that in the event of. Pdf anti money laundering and counter terrorist financing. Anti money laundering model operating manual for covered institutions chapter 1 introduction chapter 2 description of money laundering chapter 3 basic principles and policies to combat money laundering chapter 4 customer identification chapter 5 record keeping chapter 6 covered and suspicious transactions chapter 7 reportorial requirements chapter 8. Fsc compliance inspection procedures manual the british. A graduate of princeton university and georgetown law school, mr. Bank of uganda is tasked with the regulation of the activities of financial institutions including their compliance with aml requirements under the financial institutions act 2004 and the financial institutions anti money laundering regulations of 2010 the capital markets authority cma. Even though the government has put in place a number of anti money laundering initiatives, including setting up an anti narcotics police unit and drafting an anti money laundering bill, neither the government nor kenyan legislators appears keen to utilise these initiatives. Financial institutions anti money laundering regulations. The european union adopted the first anti money laundering directive in 1990 in order to prevent the misuse of the financial system for.
983 880 1020 1506 367 819 1510 1491 297 217 65 1332 1531 602 1320 847 308 959 1038 1158 1413 1181 813 1418 1294 317 1164 319 1054 840 217 212 600 524 913 581 1217 151 1064 1150