Financial Analysts Tips Local Leaders and Stakeholders in Kigezi Region on Fighting Money Laundering and Terrorism Financing.
Authorities from Financial Intelligence Authority has tipped Local Leaders and Stakeholders in Kigezi region to fight Money Laundering and Terrorism Financing as a control Measure of Fostering Economic Growth in the Region.
This Public lecture on Money Laundering and Terrorism Financing was delivered by Edward Amanyire a Senior Financial Analyst in the Financial Intelligence Authority Under the Office of the Prime Minister today at Agaba Center in Kigongi Cell Central Division Kabale Municipality. He said that the greatest effects resulting from Money Laundering and Terrorism Financing are destabilization of Financial System, Increased crimes and security risks, Sectoral imbalances and inefficiencies, Deterioration of international relations and distortion of market competition.
Amanyire further went ahead and explained that failure to control such practices leads the country to a decline in tourism, Business, International relations between Uganda and other countries, trade, Banking, Entrepreneurship and many other sectors of the Economy and that there is a need for a joint co-operation to curb these evils that may affect our Economy.
He also laid in place strategies through which Money Laundering and Terrorism Financing can be prevented that is anonymous reporting and reporting of suspicious activities such drug trafficking, human trafficking, smuggling of goods, tax evasion externally, and domestically in fraud, corruption, cyber crime and counterfeiting of goods.
