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Section 25: Reporting Foreign Funding and Penalties for Non-Compliance

25.Reporting of foreign funding

(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.

Plain English Summary

Supervised institutions in Uganda must follow strict rules when paying money to agents of foreigners. Before any payment, the agent must declare the s...

AI-generated, for reference only.

🔍Search Tips
  • • Search by keyword: "land", "tax", "arrest"
  • • Use exact phrases: "land commission"
  • • Enter citations: 45, 45(3)(a), 45:3:a
  • • Press / to search, Esc to close

Searching within THE PROTECTION OF SOVEREIGNTY ACT, 2026. Faster results.