The 5th meeting of the Financial Sector Stability Forum (FSSF) was held at Sheraton Kampala Hotel on December 12, 2022. It was attended by the CEOs of the financial sector regulatory agencies including the Bank of Uganda (BoU), Deposit Protection Fund of Uganda (DPF), Insurance Regulatory Authority (IRA), Uganda Microfinance Regulatory Authority (UMRA), Uganda Retirement Benefits Regulatory Authority (URBRA), Financial Intelligence Authority (FIA), and Capital Markets Authority- Uganda (CMA).
During the said meeting, the Bank of Uganda, Deputy Governor Michael Atingi-Ego reinforce the implementation of Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF), to establish financial crisis preparedness and the implementation of financial markets development initiatives.
The Forum was clear in its objective to exit Uganda from the Grey List by the end of FY 2022/23, and thus it reaffirmed the need to fast-track implementation of the outstanding items in conjunction with the Government. This is in line with the next Financial Action Task Force (FATF) meeting in January 2023, which will be a crucial step in this process. The Forum also called for increased vigilance and commitment from all stakeholders to commit that Uganda meets the requirements set forth by FATF.
The FATF has identified the need to effectively address emerging risks in order to guarantee financial stability and development over the next few years. These include the impact of climate change and cyber risk on the economy, as well as conducting joint inspections of financial sector groups to reduce the regulatory burden and reduce opportunities for regulatory arbitrage. Additionally, FATF is focused on enhancing the supervision of Systemically Important Financial Institutions in the financial sector. This demonstrates the importance of FATF in mitigating risk and promoting a sustainable financial system.
As a part of the Financial Sector Crisis Management Plan (FSCMP), the FSSF plans to conduct a comprehensive Financial Sector Crisis Simulation Exercise in 2023. The aim of the simulation is to test the capacity of the authorities to respond to a broad and severe crisis scenario and the effectiveness of the Crisis Management Plan. This exercise will also serve as a necessary step to safeguard financial sector stability and ensure that FATF standards are met.
As the Bank of Uganda Deputy Governor Michael Atingi-Ego comes forward and emphasizes that getting off the grey list is a priority and shall be achieved in 2023, this will attract more foreign investors to deal with the local businesses, ESG and will support more SDGs of the united nation in Africa.
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