The president of Uganda Gen Yoweri Kaguta Museveni has revealed that, financing of terrorism and proliferation of weapons of mass destruction are not mere financial crimes. They pose direct threats to the national security, economic stability and development. If left unchecked, these illicit activities have the potential to undermine trust in financial systems, discourage investment and support criminal networks that destabilise the societies.
In his message delivered by the prime minister of Uganda Rt Hon Robinah Nabbanja at the official opening of the 49th Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) Task Force of Senior Officials Meeting at speke resort Munyonyo, the president Museveni said, the gathering of regional financial intelligence stakeholders aimed at strengthening collaboration in the fight against money laundering (ML), terrorist financing (TF), and other financial crimes.
The 49th ESAAMLG Meeting has been organised to review progress in implementing Financial Action Task Force recommendations on AML/CFT, discuss regional challenges in tackling financial crimes among others.
” Your presence and active participation in these regional efforts is a testament of our collective resolve to strengthen financial integrity, combat illicit financial flows and safeguard our economies from the harmful effects of money laundering and terrorism financing and proliferation financing.
These financial crimes are not confined to national borders. They are threats that demand regional and global collaboration. Criminal networks exploit weaknesses in financial systems to move illicit funds across borders, undermining economic growth, fuelling corruption and funding terrorism”.He said.
Recent reports indicate that Africa is annually losing resources in billions of dollars due to illicit financial flows, mainly through organised crime, corruption and tax evasion. The Financial Action Task Force (FATF) and ESAAMLG have continued to push for stronger Anti-Money Laundering (AML) and Combating Financing of Terrorism (CFT) measures. However, criminals are continuously adapting to their methods.
Terrorist groups and organised criminal networks continue to finance their activities through illegal trade, drug trafficking and exploitation of weak regulatory frameworks. Strengthening compliance with global standards such as the Financial Action Task Force (FATF) Standards and enhancing collaboration with Law Enforcement Agencies continue to be at the forefront of our priorities.
The Eastern and Southern African region faces threats from several terrorist groups, including; Al-Shabaab and Islamic State (IS). Additionally, the rapid digitalization in Sub-Saharan Africa has opened up new avenues for terrorist groups to recruit, radicalise and fundraise online, presenting fresh challenges for counter-terrorism efforts.
Uganda, like other ESAAMLG Member States, has undertaken significant steps to combat the money laundering and terrorism financing threats. We have strengthened our legal frameworks, established and strengthened the relevant institutions and worked closely with regional and international counterparts to exchange intelligence and best practices. However, we acknowledge that combating financial crime is a constantly evolving challenge that requires ongoing adaptation and vigilance.The president remarked.
“I have been informed that different jurisdictions in the Eastern and Southern Africa region have made progress in implementing measures to combat money laundering and terrorism financing. However, experience has proven that, it is increasingly difficult for States to fight financial crimes on their own, except by working together. Therefore, as a community in the region and beyond, we need to remain resolute in working together to secure the integrity of the global financial system.
I commend the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) for its vital role in fostering regional cooperation, supporting capacity building and ensuring compliance with international standards, particularly those set by the Financial Action Task Force (FATF). Together, we can ensure that our nations are not exploited for illicit financial activities.
On behalf of the people of Uganda, I also wish to commend the ESAAMLG for its contribution towards the removal of Uganda from the list of jurisdictions under increased monitoring by the FATF commonly known as the FATF “grey list”, in 2024.
I wish to thank the various Co-operating and Supporting Nations (COSUNS), the Financial Action Task Force (FATF) and Development Partners here today. This is because of the tireless commitment in supporting countries in the Eastern and Southern Africa region to implement robust measures to combat money laundering, terrorism financing and proliferation financing.
As you deliberate over the coming days, I encourage you to focus on actionable strategies that will strengthen our collective response to financial crimes. Let us prioritise information sharing, capacity building and the harmonisation of policies that will enhance our region’s ability to detect, prevent, and prosecute money laundering and terrorism financing”. He said.
Uganda remains fully committed to the ESAAMLG Agenda, and will continue to support regional and global initiatives to build a safer and more transparent financial system. Together, we can strengthen the integrity of the global financial system, combat illicit financial flows, and contribute to global economic stability.
There is need to permanently cure Africa’s vulnerable position in the global arena of economic and political giants. Africa is still an easy prey for plunder and marginalization, as long as the strides towards economic and political integration remain sluggish.
As we advocate for peace, it is critical that industrialization is embraced in order to stop exportation of unprocessed raw materials. This is unfavorable to economies because our people lose money and jobs. Economies should transition from exportation of raw materials to industrial production through value addition of available resources. This will also ensure that our resources are not easily and quickly exhausted.
In order to transform socially and economically, countries should produce goods or services for commercialisation targeting regional, continental and global markets. We should strongly advocate for Unity, Economic Integration and fight against the subsistence mind-set of our communities; champion infrastructural development; ensure peace and stability in the entire continent; remove all communications and trade barriers; and ensure financial stability and access to factors of production in general.
Once again, I welcome you to Uganda. I urge you to spare time and explore our rich and expansive cultural and geographical features like the Mountains Rwenzori and Elgon, the source of the River Nile, the longest river in Africa. Surrounding this venue is the world’s second largest fresh water lake – Lake Victoria. You can also visit the Mabira Forest being the largest natural, evergreen rainforest with diversity of wildlife, trees, birds and animal species. This is in addition to many recreation and leisure areas such as Uganda Wildlife and Education Centre at Entebbe, Queen Elizabeth and Kidepo National Games Parks which you can explore during and after this conference. Uganda’s Cultural heritage is incredibly rich and diverse consisting of 56 indigenous ethnic groups, each having its own unique customs, dialects, values and traditions. This makes Uganda, crossed by the equator, a home of numerous cultural landmarks given her heritage and a fascinating destination for cultural exploration.Added president Museveni.
