The European Union took Uganda off its dangerous money laundering watch list on Tuesday. Brussels officials said the African nation fixed problems with financial crime prevention systems. Uganda joined the blacklist during 2020 after international inspectors found weak banking controls. The Financial Action Task Force criticized poor business ownership records and inadequate supervision of banks. European companies faced extra paperwork when dealing with Ugandan partners during the restriction period.
Uganda's government passed new laws and improved coordination between financial agencies to address the concerns. Bank supervisors changed their monitoring practices to catch suspicious transactions more effectively. The European Commission praised Uganda's technical progress during regular reviews of global money laundering risks. Officials used strict criteria and site visits to evaluate each country's anti-crime efforts. The updated list removes restrictions on cross-border business deals with Ugandan firms.
Seven other countries escaped the high-risk designation alongside Uganda. Barbados, Gibraltar, Jamaica, Panama, Philippines, Senegal and United Arab Emirates all cleared their compliance issues. Ten new nations joined the watch list for failing to meet international standards. Algeria, Angola, Kenya, Lebanon, Monaco, Namibia, Nepal and Venezuela face enhanced scrutiny from European financial institutions. The changes take effect after European Parliament and Council complete their one-month review process.
Uganda's government passed new laws and improved coordination between financial agencies to address the concerns. Bank supervisors changed their monitoring practices to catch suspicious transactions more effectively. The European Commission praised Uganda's technical progress during regular reviews of global money laundering risks. Officials used strict criteria and site visits to evaluate each country's anti-crime efforts. The updated list removes restrictions on cross-border business deals with Ugandan firms.
Seven other countries escaped the high-risk designation alongside Uganda. Barbados, Gibraltar, Jamaica, Panama, Philippines, Senegal and United Arab Emirates all cleared their compliance issues. Ten new nations joined the watch list for failing to meet international standards. Algeria, Angola, Kenya, Lebanon, Monaco, Namibia, Nepal and Venezuela face enhanced scrutiny from European financial institutions. The changes take effect after European Parliament and Council complete their one-month review process.
