The Director of Public Prosecution (DPP) in Uganda, Justice Frances Abodo, has emphasized the imperative for bolstering the capacity of institutions engaged in combating money laundering and terrorism financing crimes.
Abodo stressed the need for the national task force to coordinate effectively in adopting a comprehensive approach to addressing the scourge of illicit financial flows (IFFs) across various sectors.
Estimations indicate that Uganda suffers staggering losses of approximately 2 trillion shillings annually due to illicit financial flows, with factors such as corruption, tax evasion, and money laundering significantly contributing to this drain of wealth.
Addressing a gathering comprising government agencies such as the Uganda Revenue Authority (URA), Financial Intelligence Authority (FIA), and others, Abodo underscored the urgency of directing efforts towards curtailing trade mis-invoicing, which serves as a major conduit for illicit financial activities.
The meeting, held under the theme “Enhanced Collaboration in the fight against illicit financial flows,” deliberated on various strategies, including capacity building, forensic investigations, information sharing, and civil laws for asset tracking and recovery.
Representing the URA, Robert Mutebi highlighted how IFFs pose obstacles to revenue mobilization efforts, undermining economic welfare. He urged prosecutors and investigators to maintain vigilance in combating financial crimes and upholding the integrity of the justice system.
Stella Nyapendi, the Acting Commissioner of Legal Services and Board Affairs at URA, provided insights into the agency’s efforts, citing successful prosecutions and convictions related to economic crimes and smuggling.
The meeting also delved into various facets of illicit financial activities, such as trade mis-invoicing, tax evasion, corruption, and terrorism financing, underscoring the multifaceted nature of the challenge.
Uganda’s efforts to combat illicit financial flows were further emphasized by Aikiriza Esther Kagira from the Ministry of Finance, who highlighted the significance of political commitment in demonstrating the country’s resolve to address money laundering and related crimes.
The participants agreed on the importance of pooling resources and devising innovative strategies to combat financial crimes effectively, underscoring the urgency of collaborative action in safeguarding Uganda’s financial integrity.
