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[ESTABLISHING A BUSINESS ENTITY IN UGANDA]
Authority. Accountable persons include, Accountants, Lawyers, real estate agents, dealers in precious metals and gems, Trusts and company service providers, financial institutions registered under the Financial Institutions Act Cap 57, non- governmental organizations, churches and other charitable organizations. A person entering or leaving the territory of Uganda and carrying cash or bearer negotiable instrument exceeding Uganda Shillings Thirty Million or arranging for the transfer of cash or bearer negotiable instrument exceeding Uganda Shillings Thirty Million, or the equivalent value in foreign currency should declare this to the Uganda Revenue Authority. 57 It is also an offence 58 for a person to intentionally fail to notify the customs and excise department of the Uganda Revenue Authority or to intentionally file false notification regarding cross- border transportation or sending of currency or negotiable bearer instruments which exceed the prescribed value, in accordance with section 10 of the Anti-Money Laundering Act Cap 118. Accountable persons are required to report to the Financial Intelligence authority if they suspect or if they have reasonable grounds to suspect that a transaction or attempted transaction involves proceeds of crime or funds related or linked to or to be used for money laundering or terrorism financing,
regardless of the value of the transaction. 59 A suspicious transaction is defined as a transaction which is inconsistent with a customer’s known legitimate business or personal activities or with the normal business for that type of account or business relationship, or a complex and unusual transaction or complex or unusual pattern of transaction.
57 Section 10 of the Anti-Money Laundering Act, Cap 118
58 Ibid section 127-131
59 Ibid section 9
ILN Corporate Group – Establishing a Business Entity Series
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