Sydney Asubo, the Executive Director, Financial Intelligence Authority.
(Courtesy Photo.)
The government of Uganda instituted a policy in which all Churches in Uganda are required to register with the Financial Intelligence Authority (FIA), which seeks to foster the integrity of financial systems through effective detection and prevention of financial crimes.
The regulatory body was established under the Anti-Money Laundering Act (AMLA), 2013 to prohibit and prevent money laundering and the financing of terrorism.
Speaking during a live show on Dream TV on Sunday, Bishop Herbert Buyondo of Victory Covenant Ministries disclosed that this directive is also among several contained in the revised edition of the proposed Religious and Faith-Based Organisations (RFBOs) policy sent to both Christian and Muslim clergy by the end of July 2019.
“The Born-again are also accountable to the Financial Intelligence Authority. This agency monitors cash flow, in and out of Uganda. Churches will be required to disclose how much money they receive, for what purpose, and must also account for how they spend each single coin,” Bishop Herbert Buyondo stated.
In a press statement released earlier, Mr Sydney Asubo, the Executive Director FIA stated that as provided in Section 21 (pb) of the Anti-Money Laundering Act, 2013 (as amended), accountable persons that must mandatorily register with the FIA include non-governmental organizations, churches and other charitable organizations.
Others are Casinos (which also includes internet casinos), all licensing authorities in Uganda, real estate agents, Registrars of Companies, Registrars of Land, A board of executors or a trust company or any other person that invests, keeps in safe custody, controls, or administers trust property within the meaning of the Trustees Act and others.
