📷 Regional experts convene in Uganda to tackle money laundering threats

KAMPALA - Prime Minister Robinah Nabbanja is set to officially launch the 49th Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) Conference today, April 2, 2025, at Speke Resort Munyonyo.

The high-level conference comes at a critical time when Uganda is reinforcing its financial crime prevention mechanisms following its recent removal from the Financial Action Task Force (FATF) Grey List.

In her opening remarks, Prime Minister Nabbanja is expected to highlight Uganda’s commitment to strengthening its anti-money laundering (AML) and counter-terrorism financing frameworks.

Prime Minister Robinah Nabbanja officially launched the 49th Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) Conference today, March 2, 2025, at Speke Resort Munyonyo. (All Photos by Mpalanyi Ssentongo)

Mauritius delegation during the 9th Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) Conference today, March 2, 2025, at Speke Resort Munyonyo.

She will emphasise the government’s efforts to ensure the country never returns to the FATF Grey List by maintaining compliance with international financial crime standards.

The conference will feature remarks from key stakeholders, including Samuel Were Wandera, executive director of Uganda’s Financial Intelligence Authority; Fikile P. Zitha, executive secretary of ESAAMLG;  Ramathan Ggoobi, permanent secretary/secretary to the treasury and head of Uganda’s delegation; and  Frezer Ayalew, chairperson of the Task Force of Senior Officials and director of supervision at the National Bank of Ethiopia. Finance minister Matia Kasaija will also address the conference.

PM Nabbanja (2nd R) emphasised the government’s efforts to ensure the country never returns to the FATF Grey List by maintaining compliance with international financial crime standards.

The Tanzania delegation during the 9th Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) Conference.

Call for public-private sector collaboration

The conference follows renewed calls from financial sector experts urging stronger collaboration between the public and private sectors to combat money laundering.

A recent Anti-Money Laundering and Financial Crime Public-Private Sector Dialogue, held at Sheraton Kampala Hotel, highlighted trade-based money laundering as a major concern, costing Uganda over $6.6 billion in lost trade income, with gold and petroleum products among the most affected.

Wilbrod Owor, executive director of the Uganda Bankers Association, warned that unchecked money laundering could undermine Uganda’s ambitious tenfold economic growth strategy.

The conference followed renewed calls from financial sector experts urging stronger collaboration between the public and private sectors to combat money laundering.

He stressed that illicit financial flows deter foreign direct investment and make cross-border transactions more costly and complex.

BOU's push for stronger financial integrity

Bank of Uganda Governor Michael Atingi-Ego emphasised that financial integrity is crucial for economic stability and growth.

He highlighted the importance of a robust regulatory framework to protect Uganda’s financial system and maintain investor confidence.

“A robust framework is essential for safeguarding our financial system and maintaining investor confidence. The theme of this event, Ensuring That Uganda Never Again Returns to the FATF Grey List Through Public and Private Sector Collaboration and Ownership, is timely because we have just come out of the grey list,” Atingi-Ego noted.

A Malawian delegate during the 9th Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) Conference today, March 2, 2025, at Speke Resort Munyonyo.

The central bank has implemented various reforms, including amendments to AML regulations, annual sectoral monitoring, terrorist financing risk assessments, and increased supervision of financial institutions.

Need for advanced financial crime detection

Experts at the dialogue emphasised the need for advanced data analytics and cutting-edge tools to detect suspicious financial activities in real-time.

Saldys Jusu-Sheriff, founder of Africa Risk Management and Compliance Partners, warned that money laundering continues to threaten African economies and called for enhanced cybersecurity measures to counter financial crimes.

The Kenyan delegation during the 9th Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) Conference today, March 2, 2025, at Speke Resort Munyonyo.

The Madagascar delegation during the 9th Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) Conference today.

Godfrey Sebaana, CEO of Diamond Trust Bank, stressed the importance of technological investments in improving risk assessments and monitoring financial transactions for suspicious activities.

The ESAAMLG conference will provide a platform for financial regulators, policymakers, and stakeholders to deliberate on best practices in anti-money laundering enforcement.

Uganda’s continued compliance with global financial integrity standards will be crucial in maintaining its international reputation and attracting investment.

Prime Minister Nabbanja’s address is expected to set the tone for Uganda’s next phase of AML reforms, reinforcing the country’s determination to remain off the grey list and ensure a stable and transparent financial system.

Below is a picture highlight from the event as captured by Vision Group's Mpalanyi Ssentongo;

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Chief guest, the Prime Minister of Uganda, Robinah Nabbanja, in a photo moment with some of the heads of delegations.

Director of Public Prosecutions Jane Frances Abodo was in attendance.

Finance ministry permanent secretary Ramathan Ggoobi during the conference.

The Ndere Troupe perform during the 9th Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) Conference today, March 2, 2025, at Speke Resort Munyonyo.