Uganda is doubling down on its commitment to combatting financial crimes, particularly money laundering and terrorism financing. The nation is actively strengthening its anti-money laundering (AML) and counter-terrorism financing (CFT) measures, recognizing the crucial role of the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) Mutual Evaluations in driving financial reforms across the region.

Hon. Matia Kasaija, Uganda’s Minister of Finance, Planning, and Economic Development, emphasized the country's dedication to enhancing financial integrity at the opening ceremony of the 49th ESAAMLG Task Force of Senior Officials Meeting in Kampala. He stressed the need for stronger collaboration among member states, stating, "Mutual Evaluations provide a valuable platform to review compliance with Financial Action Task Force (FATF) Standards and enhance cooperation in the fight against organized crime and terrorism." Kasaija lauded Eritrea for undergoing its Mutual Evaluation and encouraged other nations to view the assessment as an opportunity for reform rather than criticism.

Uganda has made significant strides in strengthening its financial security. The country was removed from the FATF “grey list” in 2024 after addressing deficiencies in its legal and regulatory framework. Amendments to the Anti-Money Laundering Act and Anti-Terrorism Act have aligned Uganda’s laws with FATF Standards. Regulatory bodies, including the Financial Intelligence Authority (FIA), the Bank of Uganda, and the Capital Markets Authority, have adopted a risk-based approach to supervision. Furthermore, the National AML/CFT Task Force and law enforcement agencies have enhanced intelligence-sharing, leading to successful investigations and asset recoveries.

Despite these achievements, Kasaija cautioned against emerging financial crime threats. Virtual assets and cryptocurrency transactions pose risks due to limited oversight, while environmental crimes and illicit trade fuel money laundering networks. He urged vigilance in addressing new threats, particularly those posed by virtual asset service providers (VASPs), emphasizing the need for innovation, sustained political will, and strong collaboration among all stakeholders.

Regional collaboration is essential for financial stability. The ESAAMLG meeting focuses on capacity building, intelligence-sharing, and policy coordination to enhance financial security across Eastern and Southern Africa. Uganda's leadership at the forum underscores its commitment to upholding financial integrity, ensuring compliance with global standards, and safeguarding economic stability and national security. Uganda’s Permanent Secretary and Secretary to the Treasury, Ramathan Ggoobi, echoed these sentiments, emphasizing the need for member states to work together in addressing financial crimes and embracing evaluations as tools for improvement.

The rise of cryptocurrency-related financial crimes has prompted calls for ESAAMLG member states to strengthen oversight of virtual asset activities to prevent risks such as money laundering and fraud. Discussions in Kampala are expected to reinforce regional efforts in ensuring that Eastern and Southern Africa remains resilient against financial crimes, promoting sustainable economic growth and financial stability.

In other news, Zambia's President Hakainde Hichilema is advocating for an end to the nation's dependence on foreign aid. He delivered a message that Zambia must become self-reliant. Hichilema pointed to the changing global landscape, including worsening droughts and dwindling aid flows, as reasons for Zambia to take control of its own development. The government is investing heavily in irrigation, drought-resistant seeds, and local manufacturing to achieve food security and reduce reliance on imports. While some economists express skepticism about the ambitious timeline and Zambia's existing debt burden, Hichilema is urging Zambians to actively participate in building their nation's future.