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Money Laundering Techniques Exposed in Uganda, Experts Warn of Devastating Consequences

A recent study by Advocates Coalition for Development and Development (ACODE) and Global Financial Integrity (GFI) has shed light on the vulnerable sectors in Uganda susceptible to Trade-Based Money Laundering (TBML), a sophisticated method of money laundering that poses significant threats to the country’s financial system and economy.

Key Sectors at Risk

The joint publication, “Trade-Based Money Laundering in Uganda,” identifies key sectors at risk, including:

Import and export
Extractive industries
Agriculture

These sectors are vulnerable due to corruption, lack of coordination among stakeholders, relaxed oversight over free trade zones, and limited understanding of TBML techniques.

Government Efforts

The Ugandan government has taken commendable steps to combat TBML, implementing policies, legislation, and institutional frameworks to tackle the issue. However, experts emphasize that continued collaboration between government agencies, financial institutions, and civil society organizations is crucial to ensure a comprehensive response.

Recommendations for Strengthening Anti-Money Laundering Regime

To strengthen Uganda’s anti-money laundering regime, ACODE and GFI recommend:

Raising awareness and providing training on TBML among private and public actors
Implementing beneficial ownership laws and enforcing sanctions systems
Sharing data and coordinating efforts among stakeholders
Increasing support and funding for frontline agencies

Illicit Financial Flows: A Major Challenge

Illicit Financial Flows (IFFs) have been a major challenge to Uganda’s development agenda, with the country estimated to lose over UGX.2 trillion annually due to IFFs. TBML has emerged as a common method used to launder money, making it essential for authorities to take decisive action to combat this illicit practice.

Devastating Consequences

The study warns that if left unchecked, TBML can have devastating consequences for Uganda’s economy and stability, compromising sustainable development efforts. As the country continues to participate in international trade, it is crucial that policymakers and stakeholders are aware of the risks and work together to prevent money laundering.

Conclusion

ACODE and GFI express gratitude to those who contributed to the research and hope that the findings will stimulate productive dialogue and encourage collaborative actions to combat TBML in Uganda.