From Project-Syndicate By JOSÉ ANTONIO OCAMPO and KEVIN P. GALLAGHER October 6, 2014 NEW YORK – As...
Anti-Money Laundering Guidelines
(enacted in 2002)
Issued by the Bank of Uganda, the Anti-Money Laundering Guidelines of 2002 require all banks, credit institutions, and microfinance deposit-taking institutions to disclose information on suspicious transactions and establish specific policies and procedures to prevent money laundering. The guidelines are divided into the following three parts:
- Part I Preliminary: interprets the language in the guidelines and lays out the objectives and application of the guidelines;
- Part II Anti-Money Laundering Measures: discusses the development of programs against money laundering, the use of anonymous accounts, “Know Your Customer” rules and procedures, customer identification, maintenance of records, review of unusual transactions, and reports on suspicious transactions; and
- Part III Reporting Requirement: explains how and when financial institutions should report suspicious transactions to the Bank of Uganda.