Jonathan Kyeyune, the head of marketing and corporate communication at NGBU says the new regulations have been developed and are being reviewed by the Financial Intelligence Authority FIA. Kyeyune says the new regulations will be implemented by April.
The National Gaming Board Uganda (NGBU) is in the processing of tightening gambling regulations in the country in a bid to eliminate money laundering.
The new regulations in the offing will require betting companies to keep identifications of gamblers, have anti-money laundering policies and implementation plans, among other demands.
Jonathan Kyeyune, the head of marketing and corporate communication at NGBU says the new regulations have been developed and are being reviewed by the Financial Intelligence Authority (FIA). Kyeyune says the new regulations will be implemented by April.
The betting companies will be required to keep records for at least ten years. A central monitoring system will be established to track transactions in the industry. Once a concern is raised about a certain gambler, companies will be required to submit records of that individual for assessment. Kyeyune said gamblers records will be kept in confidence.
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Speaking at a training for anti-money laundering and countering financing of terrorism for casinos and betting companies held at Imperial Royale Hotel on Thursday, Kyeyune said records will also help in promoting responsible gambling.
For instance, people will gamblers who don't fulfil their obligations such as paying fees for children will be banned from gambling once reported to the board.
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The regulations will be reinforcing the implementation of the Financial Action Task Force (FATF) policies. FATF has developed a number of recommendations which are recognised as the international standard for combating of money laundering and the financing of terrorism.
Government has adopted a number of measures aimed at fighting money laundering. For instance, cabinet last month approved the anti-money laundering amendment bill, 2018. The amendment is meant to bolster Uganda's global reputation and cooperation in fighting money laundering and terrorism financing.
The amendment will enable Uganda to get admitted in the Egmont Group, a united body of 159 Financial Intelligence Units (FIUs). The Egmont Group provides a platform for the secure exchange of expertise and financial intelligence to combat money laundering and terrorist financing.
Uganda was in November 2017 removed the from the money laundering list of shame. This landmark decision was made during a technical review session convened by the Financial Action Task Force (FATF) in Argentina in 2017.
Uganda had been placed on the FATF list of shame in February 2014. The list has the names of member countries that have weaknesses in their anti-money laundering regimes, particularly in areas of legislation and enforcement.