The government of Uganda has introduced a standard procedure for individuals entering or leaving the country with cash exceeding a specified amount. This initiative aims to ensure transparency and accountability in financial transactions. Anyone carrying negotiable bearer instruments or currency equal to or exceeding 1500 currency points, where one currency point equals UGX 20,000, is required to declare it to the Uganda Revenue Authority (URA) Customs at the border.
This protocol, which has been in effect for a considerable time, serves a global practice to combat money laundering and terrorism financing. In Uganda, it is mandated by the Anti Money Laundering Act of 2013, specifically Section 10 (1) and Regulations 10(1) (a) and (b).
Any amount equal to or exceeding 1500 currency points is considered a restricted good, necessitating declaration to Customs. This process requires the individual to pass through the red channel, indicating their compliance with the declaration requirement.
The government’s procedure for declaring negotiable bearer instruments or currency over the specified threshold is essential in the fight against financial crimes. It upholds legal mandates and aligns with international standards, promoting transparency and accountability in financial dealings.
The Declaration Process:
To facilitate a smooth declaration process, departing passengers must complete Form C (blue form), while arriving passengers fill out Form D (yellow form). These forms are submitted to a URA Customs Officer, accompanied by copies of the traveler’s passport. The officer verifies the declared amount without handling the funds directly, ensuring a non-intrusive procedure.
Typically, the declaration process takes approximately 15-20 minutes, after which travelers are free to proceed with their funds, exempt from taxation on the declared amount. Completed declaration forms are forwarded to the Financial Intelligence Authority (FIA) for analysis and advisory purposes, maintaining strict confidentiality throughout.
In cases where the FIA identifies potential criminal activities linked to the declared funds, it assumes control of the investigation. Recently, URA collaborated with FIA to educate Customs officials at Entebbe International Airport on preserving client privacy during the entire process.
These concerted efforts underscore Uganda’s commitment to fostering a transparent and equitable economic environment at border crossings, in adherence to global standards.
