Sep 01 2009 Direct News
The parliament of Uganda will start working on a new law to curb money laundering in the east African state within the next two months, according to reports.
Bank of Uganda spokesman Juma Walusimbi told reporters in Kampala that the debate was given the go-ahead after the government published a draft version of a new anti-money laundering bill, Bloomberg stated.
The main aim of the proposed legislation will be to tackle terrorist financing and money laundering linked to drug trafficking operations.
"Money laundering is an evil that we must fight," Walusimbi said.
The move comes after Uganda's east African neighbour Kenya put forward its own draft legislation designed to crank up the country's "war" on money laundering.
Under the bill, reported by the Daily Nation, Kenya's attorney general will be granted new powers to extradite suspects from overseas and to seize foreign property assets.
Individuals convicted of money laundering under the planned law face up to 14 years in prison and a 5 million shilling (£40,351) fine.
