FIA to Collaborate with Media Houses to Combat Money Laundering

The Financial Intelligence Authority (FIA) of Uganda has announced a new initiative to collaborate with various media houses to strengthen efforts against money laundering and terrorism financing.

This announcement was made by the Executive Director of the FIA, Samuel Were Wandera, during a capacity-building and media dialogue meeting held on August 15, 2024.

Wandera emphasized the importance of engaging media professionals in the fight against financial crimes, stating;

“Together with the media fraternity, we look forward to celebrating milestones, tackling challenges, and building a future free of money laundering and terrorist financing. This can be achieved through discussing collaborative mechanisms for detecting, preventing, and combating these crimes.”

During the meeting, Wandera expressed gratitude to the UN Office on Drugs and Crime (UNODC) for its support in facilitating the dialogue and assisting governments in addressing threats posed by drugs, organized crime, and terrorism. He noted that such partnerships are crucial in empowering the FIA’s mission to combat financial crimes in Uganda.

The FIA serves as Uganda’s national center for receiving, analyzing, and disseminating financial intelligence to competent authorities. Established under the Anti-Money Laundering Act of 2013 (AMLA), the authority is tasked with combating money laundering, countering terrorism financing, and addressing proliferation issues. It also acts as the central agency for receiving suspicious transaction reports (STRs), large cash transaction reports (LCTRs), and reports on the cross-border movement of cash and negotiable instruments.

Despite these efforts, Uganda faces significant challenges in combating money laundering, primarily due to its cash-based informal economy and high levels of corruption. The agricultural nature of the country further complicates the detection of individuals with illicit funds.

As the FIA embarks on this collaborative journey with the media, it aims to enhance public awareness and foster a united front against financial crimes in the country.