Uganda Financial Intelligence Authority Circulates UNSC 1267 Sanctions List

• The FATF has completed several reviews and continues its ongoing monitoring and targeted updates on virtual assets and VASPs, assessing how jurisdictions have implemented revised Standards on AML/CFT requirements.
• Uganda's Financial Intelligence Authority is mandated to circulate the UNSC 1267 sanctions list to relevant institutions, including financial reporting centers and supervisory bodies.
• Financial institutions are obligated to identify and freeze funds of designated persons and entities connected to terrorism upon announcement by the UNSC.
• The AML/CFT sanctions regime in Uganda consists of both criminal and administrative penalties for money laundering offenses.

Compliance officers should note that financial institutions are obligated to have measures in place to identify and freeze funds of designated persons and entities.

The Financial Intelligence Authority has been mandated to circulate the UNSC 1267 sanctions list to relevant institutions, including financial reporting centers and supervisory bodies. This move is part of Uganda's efforts to strengthen its anti-money laundering (AML) and counter-terrorism financing (CFT) measures. The update comes as the FATF continues its ongoing monitoring and targeted updates on the implementation of its revised Standards on virtual assets and VASPs. The monitoring aims to assess how jurisdictions, including Uganda, have implemented the revised Standards and monitor changes in typologies, risks, and market structures in the virtual assets sector.

The UNSC 1267 sanctions list requires countries to freeze funds, financial assets, or economic resources of designated individuals and entities connected to terrorism. Financial institutions are obligated to identify and freeze such funds immediately upon announcement by the UNSC. The Anti-Terrorism Regulations 2023 mandate the Financial Intelligence Authority to circulate the list to relevant institutions.

The AML/CFT sanctions regime in Uganda consists of both criminal and administrative penalties. Section 136 of the AMLA Act prescribes penalties for money laundering offenses, while Section 21(pa) gives powers to the Financial Intelligence Authority to impose administrative sanctions on accountable persons who fail to comply with directives or guidelines.

The FATF's ongoing monitoring and targeted updates on virtual assets and VASPs are a key development in the global fight against money laundering and terrorism financing. The revised Standards place AML/CFT requirements on virtual assets and VASPs, which are increasingly being used for illicit activities. The monitoring aims to assess how jurisdictions have implemented these requirements and monitor changes in typologies, risks, and market structures.

The UNSC 1267 sanctions list is a critical tool in combating terrorism financing. It requires countries to freeze funds, financial assets, or economic resources of designated individuals and entities connected to terrorism. Financial institutions are obligated to identify and freeze such funds immediately upon announcement by the UNSC.

In Uganda, the AML/CFT sanctions regime is governed by the Anti-Terrorism Regulations 2023 and the AMLA Act. The regulations mandate the Financial Intelligence Authority to circulate the UNSC 1267 sanctions list to relevant institutions.

Compliance officers should note that financial institutions are obligated to have measures in place to identify and freeze funds of designated persons and entities. The Financial Intelligence Authority has been mandated to circulate the UNSC 1267 sanctions list to relevant institutions, including financial reporting centers and supervisory bodies.

The update to Uganda's AML/CFT sanctions regime is a critical step in strengthening its anti-money laundering and counter-terrorism financing measures. The revised Standards on virtual assets and VASPs are increasingly being used for illicit activities, and the FATF's ongoing monitoring aims to assess how jurisdictions have implemented these requirements.

The UNSC 1267 sanctions list requires countries to freeze funds, financial assets, or economic resources of designated individuals and entities connected to terrorism. Financial institutions are obligated to identify and freeze such funds immediately upon announcement by the UNSC.

Compliance officers should note that the Financial Intelligence Authority has been mandated to circulate the UNSC 1267 sanctions list to relevant institutions, and financial institutions are obliged to have measures in place to identify and freeze funds of designated persons and entities.

Source: Original reporting via Financial Action Task Force