Big Story: WorldRemit Quits Ahead Of Money Laundering Sanctions Against Uganda

Big Story: WorldRemit Quits Ahead Of Money Laundering Sanctions Against Uganda

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By Spy Uganda

Earlier this year, the Executive Director of the Finance Intelligence Authority, Sydney Asubo revealed that Uganda risks being blacklisted by the Financial Action Taskforce (FATF) if the government does not tackle money laundering by May 2022.

Asubo said the consequences of the above are dire because the impact of being on the grey list means that the world is aware that the country is having challenges in addressing money laundering.

“Some people have already started feeling the impact especially international transactions which would take a day or two, are now taking a week or two. That process of scrutiny is beyond the normal scrutiny,” he said.

Now, World money transfer service provider, WorldRemit has announced that it is quitting Uganda and according to pundits, this company is running away from the looming sanctions against this nation.

In a notice issued by WorldRemit, it says that people in Uganda will no longer use it to send money abroad effective June 6th.

“We are letting you know that regrettably, WorldRemit has stopped providing send services and will not be accepting any new transactions sent from Uganda starting June, 6,” states the notice.

The company however says that Ugandans and other people abroad can ably send money to Uganda using WorldRemit as this is not affected by the decision to close business in Uganda.

“Transactions sent to Uganda from senders overseas will continue and are not impacted by this decision,” the company said without clearly revealing the reason for the exit from the Pearl of Africa.

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