Minister Musasizi Rallies FIA to Keep Uganda off Grey List

By Wilfred Arinda Nshekantebirwe

KAMPALA — The Minister of   Finance, Henry Musasizi, has directed the Financial Intelligence Authority (FIA) to strengthen Uganda’s fight against money laundering, terrorism financing and other financial crimes to safeguard the country’s financial reputation and keep it off the international grey list.

Speaking during a meeting with the Board of Directors and Management of the Financial Intelligence Authority at the Ministry of Finance headquarters in Kampala, Musasizi emphasized that protecting the integrity of Uganda’s financial system is critical to attracting investment, maintaining confidence in the banking sector and supporting sustainable economic growth.

The meeting was attended by the FIA Board Chairperson, Alinaffe Kalule, and the Executive Director, Samuel Were Wandera, among other senior officials.

Minister Musasizi said financial crimes, including money laundering, terrorism financing and proliferation financing, undermine the country’s credibility and pose significant risks to economic development.

He urged the Authority to ensure that all the legal, institutional and operational requirements are fully implemented ahead of future international assessments.

“Uganda must remain vigilant in protecting the integrity and stability of its financial system. Financing criminal and terrorist activities damages the country’s reputation and can undermine investor confidence. The Financial Intelligence Authority must continue working diligently to safeguard our economy from these threats,” Musasizi said.

The minister commended the FIA Board and Management for the progress made in strengthening Uganda’s anti-money laundering framework, describing the Authority as an emerging centre of excellence in combating financial crimes.

He said the government’s commitment to building a transparent and accountable financial system is central to the country’s broader economic transformation agenda and efforts to position Uganda as a competitive investment destination.

Board Chairperson Alinaffe Kalule reaffirmed the Authority’s commitment to executing its mandate professionally and effectively to protect Uganda’s financial system.

Kalule said FIA would continue enhancing compliance with international anti-money laundering and counter-terrorism financing standards as the country prepares for its next mutual evaluation in 2028.

He noted that maintaining strong regulatory systems is essential for preserving confidence in Uganda’s financial sector and ensuring continued access to global financial markets.

Executive Director Samuel Were Wandera briefed the minister on the Authority’s ongoing work, including the drafting of legislation to regulate virtual assets and virtual asset service providers.

He said the proposed law will strengthen oversight of emerging financial technologies and close regulatory gaps that could be exploited for illicit financial activities.

The Financial Intelligence Authority was established to detect and deter money laundering by receiving, analysing and disseminating financial intelligence to law enforcement agencies responsible for investigating and prosecuting financial crimes.

Uganda has in recent years intensified reforms aimed at strengthening its anti-money laundering and counter-terrorism financing regime, measures that are considered vital for protecting the country’s financial sector, promoting investor confidence and supporting long-term economic development.

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