emmanuel tumusiime - mutebile : bank of uganda highlights its board ’ s achievements speech by mr emmanuel tumusiime - mutebile, governor of the bank of uganda, at the farewell dinner for board members, kampala, 1 june 2012. * * * distinguished board members and your families, the deputy governor, senior management of the bank, ladies and gentlemen on behalf of the management and staff of the bank of uganda, i wish to welcome you all to this occasion to bid farewell to our board members whose term of service comes to an end in june 2012. for the last five years, the bank has been blessed with a formidable board of directors who has carried out its mandate of providing oversight of, and guidance to, the management of the bank with integrity, intelligence, wisdom and an unwavering commitment to the public interest. the vision and stewardship provided by the board has enabled the bank to strengthen the implementation of its core mandate of macroeconomic management and financial sector regulation and to implement many projects which have enhanced the capacity of the bank to serve the people of uganda. i would like to take a few minutes to highlight some of the board ’ s achievements. strategic planning and management the board approved the bank of uganda strategic plan for 2012 – 2017, which guides the long term policies and direction of the bank. it is based on the balanced scorecard approach which is at the cutting edge of international best practice. monetary policy under the board ’ s leadership, the bank has modernised its monetary policy operating framework. this has entailed the introduction of an inflation targeting lite monetary policy framework, the centrepiece of which is the policy rate – the central bank rate – which i now announce at the start of every month. over the past 11 months, we have successfully used our new monetary policy framework to bring inflation under control. our monetary policy operations have also been made much more transparent, to enhance public understanding of our actions and objectives. financial system regulation and supervision with the guidance of the board, the bank has modernised its approach to the prudential supervision of banks, in particular through the introduction of risk based supervision. the bank has also upgraded many aspects of the banking laws, including by raising minimum capital requirements and strengthening the regulations pertaining to the corporate governance of banks. bis central bankers ’ speeches human resource policies and staff welfare the board has prompted the bank to introduce progressive human resource and staff welfare policies. in particular, the bank has established a merit driven

emmanuel tumusiime - mutebile : workshop discussing uganda ’ s anti - money laundering bill opening remarks by mr emmanuel tumusiime - mutebile, governor of the bank of uganda, at a sensitisation workshop for the members of the parliamentary committee on finance on the anti - money laundering bill no 13 of 2009, entebbe, 3 – 4 december 2012. * * * the honourable minister of finance, planning and economic development, the honourable chairperson of the parliamentary committee on finance, honourable members of the parliamentary committee on finance, mr. stewart yikona from the world bank, mr. fumbani mhango from the financial intelligence unit of malawi, ladies and gentlemen, i would like to welcome you all to this workshop and thank you for finding the time in your very busy schedules to attend. i would especially like to thank the honourable minister of finance because, without her efforts, it would not have been possible to hold the workshop, and also the honourable members of parliament on the finance committee for their support and cooperation. the objective of the workshop is to discuss the anti - money laundering bill which is currently before parliament. we want to seek the views of hon. members on the legislation and to provide an opportunity for them to enhance their own understanding of the issues involved. unfortunately, the passage of the bill through parliament has been long delayed since it was first tabled by the hon. minister of finance in 2005, and these delays could have costly consequences for our country, as i will explain in these remarks. i very much hope that this workshop will help to clear up any remaining concerns or even misperceptions which hon. members may have about the bill, so that its passage into law can be completed without further delays. money laundering involves the process to which funds which have been acquired through illegal means, such as drug trafficking or corruption, are subjected in order to conceal their illicit origin. because of the large sums of money involved, money laundering often involves transactions in the financial system, although this is not always the case. for example, criminals may try to deposit illegally acquired money in bank accounts and then transfer it to other bank accounts, through a complex web of transactions. money laundering has potentially serious and damaging consequences for the economy. it can undermine the integrity of financial institutions and thus public confidence in these institutions. it can undermine financial stability and cause highly destabilising financial flows across borders. the money which is laundered can also be used