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(1)A supervised institution shall not pay out any money to an agent of a foreigner without the agent of a foreigner—
(a)declaring the source of funds; and
(b)submitting proof of declaration of funds required under section 22 (1).
(2) A supervised institution shall submit a monthly report to the relevant regulator, relating to any funds transferred to an agent of a foreigner through the supervised institution in accordance with regulations prescribed by the relevant regulator.
(3)A supervised institution that contravenes subsection (1), commits an offence and is liable, on conviction, to a fine not exceeding two hundred thousand currency points.
Supervised institutions in Uganda must follow strict rules when paying money to agents of foreigners. Before any payment, the agent must declare the s...
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Searching within THE PROTECTION OF SOVEREIGNTY ACT, 2026. Faster results.