Govt says it is addressing money laundering

The Financial Intelligence Authority says it has taken all steps to address money laundering in the country and that it’s also scrutinizing declaration of wealth records of all public officials presented to the Inspectorate of Government.

The deputy Executive Director at the Authority Micheal Olupoti says that the authority now has the capacity to gather all information pertaining transactions to be able to detect the source of funds and if one fails to give a good explanation the money will be confiscated.

Reports have indicated that many unscrupulous people who steal public resources invest it in real estate making it hard for authorities to detect their transactions since they are always conducted outside the financial system.

The director of Economic affairs at the ministry of finance Moses Kaggwa says that this loophole has also been covered.

November 16 2017