Mr. Sydney Asubo, the outgoing executive director of the Financial Intelligence Authority (FIA) in Uganda, has revealed that he has been assigned a new mandate to work on removing Uganda from the grey-list for money laundering. This announcement was made during his farewell party after serving nine years at the helm of FIA.

Mr. Asubo stated that even though his two-term task at FIA had concluded, he has been appointed as an advisor to the Uganda Anti Money Laundering/Combating the Financing of Terrorism (AML/CFT) national task-force. His new role is focused on ensuring that Uganda is removed from the grey-list, a list that identifies countries with significant weaknesses in combating money laundering.

“I have magnanimously agreed to be given the title. I’m using adviser to the AML/CFT safety with a specific mandate to ensure that the country gets off the greylist. Once that is done, we would have done our duty,” Mr. Asubo stated. He mentioned that there is a limited time until 2029 to work towards improving Uganda’s standing before the next assessment is conducted.

Uganda was placed on the grey-list in 2020 due to significant weaknesses in tackling money laundering. The reputational damage from being on the grey-list is substantial, as it suggests that a country’s effectiveness in addressing financial crimes like money laundering and terror financing falls below international standards.

One of the major issues Uganda needs to address is putting in place a beneficial owner’s register to manage dormant companies, as highlighted by Mr. Asubo. The deregistration of numerous dormant companies by the Uganda Registration Services Bureau (URSB) was a step towards addressing this concern.

Mr. Alinaffe Kalule, the chairperson of the FIA board, praised Mr. Asubo’s work ethics and achievements during his tenure. Mr. Asubo’s replacement, Mr. Samuel Were Wandera, was appointed by President Museveni last month. Mr. Wandera acknowledged Mr. Asubo’s accomplishments in areas such as conducting national risk assessments, improving the AML/CFT legal framework, and enhancing domestic coordination and international cooperation in combating money laundering.

The fight against money laundering and the financing of terrorism involves strengthening regulatory frameworks and implementing effective controls to prevent these financial crimes. Mr. Asubo’s continued involvement as an advisor reflects the commitment to address Uganda’s grey-list status and uphold international standards in financial security.