The Minister of Finance, Planning and Economic Development, Matia Kasaija has said that Uganda will have unrestricted access to international markets and credit following Uganda’s removal from the Financial Action Task Force (FATF) Grey List.
He made these remarks on February 28, 2024, during a media address at the Ministry Headquarters in Kampala. He discussed the recent removal of Uganda from the Grey List by the Financial Action Taskforce (FATF), emphasizing the positive impact this development will have on the country’s financial reputation.
Kasaija noted that unrestricted access to international markets and credit will boost Uganda’s socio-economic transformation efforts.
“By aligning our Anti-Money Laundering and Countering Terrorism Financing measures with international standards, Uganda can now engage seamlessly with the global financial system,” the Minister said.
The minister said that the removal represents a significant achievement for Uganda and reaffirms Uganda’s commitment towards effective regulation.
After being placed on the grey list in 2020, Uganda successfully implemented significant reforms and demonstrated its commitment to combating money laundering and terrorist financing. As a result, on February 23, 2024, Uganda was officially removed from the global financial grey list, marking a significant achievement for the country.
The Financial Action Task Force (FATF) defines the grey list as a catalogue of countries under increased monitoring but have made a commitment to address strategic deficiencies regarding money laundering, terrorist financing, and proliferation financing in an agreed period and are subject to increased monitoring.