Bank of Uganda Introduces Stricter Gold Export Certification

Bank of Uganda Introduces Stricter Gold Export Certification to Combat Illicit Trade

Kampala, May 18, 2024 – In a decisive move to strengthen Uganda’s position as a transparent gold trading hub, the Bank of Uganda (BoU) has announced sweeping reforms to its gold export certification process. The new regulations, effective July 1, 2024, introduce rigorous documentation requirements and enhanced verification protocols for all gold shipments leaving the country.

Key Changes to Gold Export Procedures

The revised framework mandates:

✔ Triple-Verification System:

• Mine-of-Origin Certification from Directorate of Geological Survey & Mines (DGSM)
• Assayer Accreditation by Uganda National Bureau of Standards (UNBS)
• Final BoU Authentication with blockchain-backed digital seals

✔ Enhanced Documentation:

• Digital Mineral Passports tracking gold from extraction to export
• Beneficial Ownership Disclosure for all consignments over 1kg
• Tax Compliance Clearance from Uganda Revenue Authority

✔ Stiffer Penalties:

• $500,000 fines for falsified documentation
• 10-year industry bans for repeat offenders
• Mandatory third-party audits for exporters shipping >100kg annually

Rationale Behind the Reforms

Governor Michael Atingi-Ego stated:
“These measures address three critical issues: curbing gold smuggling estimated at $300M annually, meeting OECD due diligence standards, and increasing Uganda’s eligibility for premium gold pricing in international markets.”

The reforms come amid:

• EU pressure to tighten conflict mineral controls
• IMF recommendations to formalize Uganda’s gold trade
• Growing investor demand for ethically sourced gold

Industry Impact

For Exporters:

• 48-hour processing timeline for fully compliant shipments
• 15% reduction in export license fees for UNBS-certified refiners
• Priority customs clearance at Entebbe Airport

For Investors:

• Enhanced title security through digital traceability
• Standardized purity certification (now 99.5% minimum)
• Dedicated BoU investor desk for large-volume traders

Great Rock Limited’s Compliance Preparedness

As a pioneer in ethical gold sourcing, we’ve already implemented:

🔹 Blockchain record-keeping for all our gold since Q1 2024
🔹 On-staff UNBS-certified assayers
🔹 Automated tax compliance systems integrated with URA

“These regulations validate our long-standing commitment to transparency,” noted Great Rock CEO David Muwanga. “Our clients have always received fully documented gold – now the entire industry must meet these standards.”

Next Steps for Gold Traders

1️⃣ Register with BoU’s new Electronic Gold Portal by June 15
2️⃣ Retrain staff on revised documentation requirements
3️⃣ Audit supply chains to meet July 1 deadline

Resources:

• Download New Export Guidelines
• Register for Compliance Webinar
• BoU Gold Helpdesk: +256 414 258 441

Media Contact:
[Your Name] [Position] press@greatrocklimited.com