Cabinet sat Monday at State House and directed the Minister of Finance, Planning and Economic Development to ensure that all Accounting Officers of Government Ministries, Departments and Agencies (MDAs) undertake due diligence of all foreign investors who intend to Partner with their Entities to undertake investment Projects.
Also Accounting Officers should undertake this role in close consultation with the Financial Intelligence Authority before any Project Proposals are submitted to the Public Private Partnership Committee for consideration.
This directive is intended:
To detect Entities/individuals who may attempt to defraud Government MDAs, by purporting to have huge sums of money that they intend to transfer to Uganda to finance various investment projects and seeking letters of introduction to open Bank Accounts from MDAs which accounts are used for the purpose of Money Laundering;
To ensure that only credible Investors partner with Ministries, Department and Agencies of Government; and
To minimize the risks associated with undertaking investment projects with potential criminals.
Approved the Ratification of the Kigali Amendments to the Montreal Protocol on substances that deplete the ozone layer.
Approved the proposal to borrow SDR 29.2Million(US$40.0Million) from the International Development Association of the World Bank Group to supportthe strengthening of Social Risk Management and Gender-Based Violence (GBV) prevention and response project.
The Loan is required:
To increase participation in Gender-Based Violence prevention Programs; and
To increase utilization of multi-sectoral services for survivors of Gender-Based Violence in targeted districts.
