The Financial Intelligence Authority is pushing for the enactment of new laws that will permit confiscation of assets belonging to those found guilty of tax evasion and associated money laundering crime.
The FIA Executive Director, Samuel Were Wandera, on Thursday, October 24, 2024, while launching a report on money laundering and terrorism, finance tax crimes and proceeds risk assessment report, legal and regulatory framework, noted that a lack of stringent laws to punish culprits is impeding their operations.
“This law will enable tax authorities and enforcement agencies to confiscate money laundering proceeds and money obtained from tax crimes,” Wandera said.
Wandera emphasized that currently there are no specific provisions under the tax laws empowering the authorities to deal with crimes and money laundering.
He further revealed that the crimes keep changing and different forms of crimes have exploited the technological and innovation development through the digital system.
Wandera also recommends that the government invest in the capacity building of the law enforcement officers to acquire the skills to be able to detect these crimes.
He noted that there should be a collaborative working relationship between the agencies who are in the fight.
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.
