Terrorist financing threat-FIA

The Financial Intelligence Authority (FIA) has confirmed that more than 13,000 Non-Governmental Organizations are vulnerable to terrorism financing due to not being closely monitored by the agency attributed to inadequate capacity for the regulator to monitor their activities.

This follows the bewildering freezing of all ActionAid accounts at Standard Chartered by Bank of Uganda in 2017 citing conspiracy to commit a felony and traces of money laundering. However, the accounts were later unfrozen following resurgent criticism from various human rights activists and politicians.

Lack of transparency in utilization of their funds will continue to expose these organisations to fraudulent activities that include money laundering and other forms of terrorist financing.

April 23rd, 2018 | by

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