Cabinet has approved the Principles for the proposed Amendments to Foreign Exchange Act, 2004 and the Foreign Exchange (Forex Bureaus and Money Remittance) Regulations, 2006. Cabinet chaired by President Yoweri Museveni sat at State house Entebbe on Monday.
According to Ofwono Opondo the government spokesperson, the amendments are intended to strengthen provisions in the existing law that are considered inadequate for the effective execution of Bank of Uganda’s Mandate with regards to supervision of Forex Bureaus and Money Remitters;
They will also make regulatory provisions for new business trends and technological developments that were not provided for, ensure effective implementations of new national legislation such as the Anti Money Laundering Act, 2013, adopt International best practice with regard to the supervision and regulation of Foreign Exchange Bureaus and Money remitters and to harmonize the regulatory regime with the East African Monetary Union Convergence Criteria as agreed with the East African Community Partner States.