An Act to amend and consolidate the law relating to foreign exchange in Uganda; to provide for the exchange of foreign currencies in Uganda and the making of international payments and transfers of foreign exchange; and for other related and incidental matters.
The Foreign Exchange (Forex Bureaus & Money Remittance) Regulations, 2006
The purpose of these regulations is; to specify conditions for licensing and supervising persons licensed to transact business as a Forex bureau or carry on money remittance business; to guide Forex bureaus and persons licensed to carry on money remittance business on the observance of the provisions of the Act; to encourage the increased use of formal funds transfer systems through the facilitation of foreign exchange transfers and remittances that are timely, accessible, cost effective, reliable and transparent; and to increase transparency of remittance and payment flows in and outside Uganda by ensuring that anti money laundering and the combating of the financing of terrorism measures are observed in Forex bureau & money remittance businesses.