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Financial Crime Statistics and Trends in Uganda Exposed
A Joint Publication by ACODE and Global Financial Integrity (GFI)
A new report released by Advocates Coalition for Development and Acquirement (ACODE) and Global Financial Integrity (GFI) sheds light on the extent of Trade-Based Money Laundering (TBML) in Uganda. The joint publication, titled “Trade-Based Money Laundering in Uganda”, highlights vulnerable sectors and key risk factors that enable this illicit practice.
Vulnerable Sectors and Key Risk Factors
The import and export sector, extractive industry, and agricultural sector are particularly susceptible to TBML, according to the report. These sectors have been identified as areas where money launderers can exploit weaknesses in regulation and oversight.
Challenges in Combatting TBML in Uganda
Despite the Ugandan government’s commitment to tackling TBML through policies, legislation, and institutional frameworks, several key risk factors remain unaddressed. These include:
- Corruption
- Lack of coordination among stakeholders
- Relaxed oversight over Free Trade Zones
- Limited understanding of TBML techniques used by money launderers
Recommendations for Enhancing Uganda’s Resilience Against TBML
ACODE and GFI offer a set of recommendations aimed at enhancing Uganda’s resilience against TBML. These include:
- Raising awareness and providing training on TBML
- Implementing beneficial ownership laws
- Data sharing and coordination among stakeholders
- Increasing support and funding to frontline agencies
The Impact of Illicit Financial Flows (IFFs)
Illicit Financial Flows (IFFs) have been recognized as a key challenge to the global development agenda. In Uganda, IFFs are estimated to drain over UGX 2 trillion annually from the country’s economy. TBML has emerged as a sophisticated method of money laundering, making it difficult for financial institutions and customs authorities to detect.
The Need for Collaboration
ACODE and GFI express their gratitude to all individuals, institutions, and government agencies that contributed to the research and insights presented in this publication. The report is a valuable resource for policymakers, practitioners, and stakeholders invested in combating TBML in Uganda, and it is hoped that it will stimulate productive dialogue and encourage collaborative actions.