Gov’t Moves To Criminalize Money Laundering


medicine geneva; font-size: small;”>The Anti-Money Laundering Bill seeks to prohibit and prevent money laundering, illness and also classify the practice as a criminal offence for which an extradition can be sought.

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unhealthy geneva;”>The bill seeks to control the financing of terrorism through proceeds from money laundering.

According to the bill tabled before Parliament by State Minister for Privatization Aston Kajara on Tuesday, the offence of money laundering will be applicable to the process of turning illegitimately obtained property into seemingly legitimately obtained property.

It includes also the process of concealing or disguising the nature, source, location and movement of the proceeds of crime.

Persons who convert, transfer or transport property suspected to be proceeds from crime, or assist another person to benefit from such transaction are liable on conviction to imprisonment for a period not exceeding 15 years or a fine not exceeding two billion shillings or both. understands the bill comes at a time when the country is facing a series of terror threats.

In foreign countries, money laundering attracts a huge jail sentence.

Once passed into law, financial institutions will be required to pay special attention to complex and unusual transactions, as well as transactions made on behalf of persons whose identity is not established.

During the 2009 September riots, billions of shillings were channeled through two city banks to fund perpetrators of chaos.

The head of supervision at Bank of Uganda J Bagyenda confirmed then government was investigating the banks over complicity.

Persons carrying out monetary transactions exceeding fifty million will be required to fill a form that will be maintained by a financial institution for a period of ten years.


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