The Financial Intelligence Authority (FIA) has called on local government leaders, public officials and communities to strengthen vigilance and reporting of suspected financial crimes, including money laundering and terrorism financing.
Speaking during the Local Government Budget Consultations for FY2027/28 at Brovad Hotel, Masaka, an FIA official explained that money laundering involves disguising the origins of proceeds of crime and integrating them into the legitimate financial system.
The official highlighted placement, layering and integration as the three common stages through which illicit funds may be introduced into the financial system, moved through different transactions and eventually made to appear legitimate.
The FIA official urged local government leaders to strengthen controls over public funds, monitor government projects and conduct proper due diligence when dealing with companies and contractors, including establishing their beneficial owners.
Members of the public were also cautioned against allowing others to use their bank or mobile money accounts to receive or transfer funds whose source or purpose they do not understand.
The FIA encouraged the public to report suspicious financial activities through its reporting channels. The Authority is Uganda’s national centre for receiving, analysing and disseminating financial intelligence to competent authorities.
The Authority also emphasises customer due diligence, enhanced scrutiny of higher-risk transactions and proper record-keeping as part of measures to combat money laundering and terrorism financing.
citizens.
