Uganda is no longer under Increased Monitoring by the Financial Action Task Force (FATF) grey list, the fifth Plenary of the FATF that recently sat in Singapore announced.

The other countries to achieve this feat are Barbados, Gibraltar, and the United Arab Emirates.

The FATF plenary congratulated these countries for their significant progress in addressing the strategic anti-money laundering and combating the financing of terrorism (AML/CFT) deficiencies previously identified during their mutual evaluations.

These countries will no longer be subject to the FATF’s increased monitoring process, FATF said.

The FATF identifies countries or jurisdictions with serious strategic deficiencies to counter money laundering, terrorist financing, and proliferation financing. These jurisdictions are subject to a call for action to protect the international financial system.