Cabinet gives BoU more powers over forex bureaus

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Cabinet sat on Monday April 15, 2016 at State House Entebbe and approved the Principles for the proposed Amendments to Foreign Exchange Act, 2004 and the Foreign Exchange (Forex Bureaus and Money Remittance) Regulations, 2006.

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 and ensure effective implementations of new national legislation such as the Anti-Money Laundering Act, 2013.

They will help adopt International best practice with regard to the supervision and regulation of Foreign Exchange Bureaus and Money remitters; and harmonise the regulatory regime with the East African Monetary Union Convergence Criteria as agreed with the East African Community Partner States.

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