(Kampala) – Uganda’s Minister of State for General Duties, Henry Musasizi, has launched the 2024 Money Laundering and Terrorism Financing Tax Crimes and Proceeds Risk Assessment Report. Speaking at the launch event at Sheraton Hotel in Kampala, Musasizi outlined Uganda’s commitment to fighting tax crimes, money laundering, and terrorism financing. The report highlights how tax evasion and financial crimes undermine the economy and stresses the urgency of implementing measures to counter these threats.
According to the report, tax evasion remains one of the primary offenses generating large amounts of illicit funds in Uganda. Minister Musasizi noted that extensive research shows the potential impact of widespread tax evasion and money laundering on a country’s economy, emphasizing the importance of coordinated efforts to curb these crimes. He encouraged all relevant agencies to implement the measures outlined in the report’s action plan promptly.
The report, which was developed as part of Uganda’s efforts to strengthen its Anti-Money Laundering/Counter-Terrorism Financing (AML/CTF) framework, identifies key risks associated with evolving financial crime tactics. Minister Musasizi underscored that tax criminals increasingly use new technology, making it essential for Uganda to keep pace with technological advancements to effectively address emerging threats.
| Key Financial Crime Issues in Uganda | Impact on Economy |
|---|---|
| Tax evasion | Loss of government revenue |
| Money laundering | Weakens financial system stability |
| Terrorism financing | Risks national and regional security |
Minister Musasizi also reiterated that the Ministry of Finance remains committed to ensuring Uganda’s compliance with regional and international AML/CTF standards. He emphasized the role of this compliance in strengthening Uganda’s financial security, fostering investment, and ensuring a stable economy.
He urged all agencies involved in Uganda’s AML/CTF initiatives to stay current with global technological trends and implement the action plan within the agreed timelines. This, he added, would be critical for Uganda’s ability to combat the shifting tactics used by criminals engaged in financial and tax related crimes.
