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Uganda Is Finally Off Financial Grey List is a step forward in its financial reforms.

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louis Buyisiwe

Mar 12, 2024

Uganda's battle to fight corruption and money laundering bears fruits.

symbol of its significant progress and removal from the FATF grey list, showcasing the country's commitment to financial integrity and reform. In the background, a conceptual image of a balance scale represents the balance between stringent anti-money laundering measures and economic growth. The scale tips towards progress, reflecting Uganda's successful legal and institutional reforms in the fight against money laundering.
Ugandas Minister of State for General Duties Henry Musasizi

The Financial Action Task Force (FATF) grey list identifies countries with significant deficiencies in their efforts to combat money laundering. Uganda's recent removal from this list marks a significant step forward in its financial reform, aligning with its Vision 2040 for economic independence and sustained growth.

This achievement results from extensive legal and institutional reforms, including the establishment of the Financial Intelligence Authority (FIA) in 2014 and adherence to international standards for combating money laundering.

Conversely, the addition of Kenya and Tanzania to the grey list highlights the ongoing challenges within the region. These countries must now prioritize the implementation of FATF's recommended action plans, emphasizing high-level political commitments and timely reforms.

The situation underscores the need for a collaborative approach, suggesting the establishment of an East African Financial Intelligence Authority to coordinate efforts across the region.

Uganda's experience, including its re-listing in 2020 due to inconsistencies in maintaining long-term reforms, serves as a cautionary tale. It emphasizes the importance of continuous commitment to anti-money laundering measures to avoid economic repercussions.

For Kenya and Tanzania, adopting a unified regional strategy could accelerate their removal from the grey list and strengthen the collective fight against money laundering in East Africa.

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