Uganda’s Financial Intelligence Authority (FIA) is a government agency mandated to enforce such crime, with the help of the Police.
Kampala – 20, December 2021: A Nigerian national has been charged in Kampala.
Twiine Charles, spokesperson of the Criminal Investigations Directorate (CID) of the Uganda Police has confirmed.
According to Twine, detectives at Uganda Police “have charged to Anti-Corruption Court a Nigerian national identified as Ezeh Gibson with money laundering charges involving USD240,000”.
“The money is exhibited and banked at Asset Recovery Account,” he adds.
What is money laundering? It is an act of concealment, conversion, transfer or disguise of any property that represents proceeds from criminal activity. It can also be defined as legitimizing funds used in or resulting from criminal activity.
Experts argue that Uganda’s cash-based informal economy provides a fertile environment for money laundering. The country’s lack of intellectual property rights legislation feeds a large black market for smuggled and/or counterfeit goods.
Currently, most laundered money comes from domestic proceeds, much of which stems from unchecked corruption.
Uganda’s Financial Intelligence Authority (FIA) is a government agency mandated to, among other things: enhance the identification of the proceeds of crime and the combating of money laundering and terrorism financing.
Two, FIA is mandated to ensure compliance with this Anti-Money Laundering Act 2013 (as amended); enhance public awareness and understanding of matters related to money laundering, terrorism financing and proliferation financing, and make information collected by available to competent authorities and to facilitate the administration and enforcement of the laws of Uganda, among others.