Title: Ugandan Businesses Under Threat from Trade-Based Money Laundering: New Report Warns of Vulnerable Sectors and Recommends Mitigation Strategies

July 19, 2023

FOR IMMEDIATE RELEASE

Two organizations, Advocates Coalition for Development and Development (ACODE) and Global Financial Integrity (GFI), have released a new report on the vulnerabilities of specific sectors in Uganda to Trade-Based Money Laundering (TBML) and recommended strategies to strengthen the country’s anti-money laundering regime.

Report Overview

• Title: Trade-Based Money Laundering in Uganda
• Authors: Advocates Coalition for Development and Development (ACODE) and Global Financial Integrity (GFI)

Key Findings

The report aims to increase awareness and understanding of TBML risks among stakeholders, policymakers, and law enforcement agencies. The following sectors were identified as susceptible to TBML:

1. Import and Export
2. Extractive Industry
3. Agricultural Sector

Uganda’s Commitment

The Ugandan government has made efforts to combat TBML by implementing policies, legislation, and institutional frameworks. The report recognizes these initiatives but emphasizes the need for continued collaboration to effectively respond to TBML.

Key Risk Factors and Recommendations

• Risk Factors: Corruption, lack of coordination, lax oversight, and limited understanding of TBML techniques.
• Recommendations:
  1. Raising awareness and providing training
  2. Implementing beneficial ownership laws
  3. Data sharing and coordination
  4. Increasing support and funding for frontline agencies

Tackling Illicit Financial Flows (IFFs)

GFI is a Washington, DC-based research and advocacy organization focused on illicit financial flows, corruption, and money laundering. The report indicates that Uganda loses over UGX.2 trillion annually to IFFs, and TBML poses a significant threat to the country’s economy.

Media Contact

For media inquiries, contact:

• Jane Namubiru, ACODE: jane.namubiru@acode-u.org / namulorri@gmal.com
• Dennis Kabia, GFI: dkabia@gfintegrity.org

About Global Financial Integrity

GFI is a leading research and advocacy organization on illicit financial flows, corruption, and money laundering. [https://gfintegrity.org/]

About ACODE

ACODE is an independent public policy research and advocacy think tank based in Uganda. [https://www.acode-u.org/]