Bunyoro journalists urged to raise awareness on money laundering
The call was made during a media engagement organised by the Financial Intelligence Authority (FIA) at HB Hotel in Hoima City, where journalists were equipped with knowledge about emerging financial crimes and their impact on Uganda’s economy.
By George Niyonzima
Journalists in the Bunyoro sub-region have been urged to use their platforms to increase public awareness about the dangers of money laundering and terrorism financing, citing their influence in shaping community understanding.
The call was made during a media engagement organised by the Financial Intelligence Authority (FIA) at HB Hotel in Hoima City, where journalists were equipped with knowledge about emerging financial crimes and their impact on Uganda’s economy.
Monica Ndyamuhimbise, Principal Compliance and Outreach Officer at the FIA, said Hoima was chosen for the engagement because of its growing economic activities, especially those linked to the oil and gas sector.
She noted that the rapid development of the Albertine region had created opportunities that could also be exploited by criminals seeking to hide proceeds from illegal activities.
Ndyamuhimbise cited illegal mining, corruption, and mineral smuggling, particularly in areas bordering the Democratic Republic of Congo, as some of the activities that pose risks to Uganda’s financial system.
She warned that proceeds from illegal activities are sometimes used to acquire land and other assets, making it difficult to trace the source of the money.
The FIA official encouraged the public to embrace formal financial systems, saying they help authorities detect suspicious transactions and identify individuals involved in financial crimes.
Joshua Muhangi, Principal Communications Officer at the FIA, said cases involving suspected financial crimes are often forwarded to institutions such as the Uganda Revenue Authority, the Inspectorate of Government and the Criminal Investigations Directorate for further action.
Muhangi said money laundering continues to cost African economies billions of dollars annually, with illicit funds often channelled into property and other investments.
He urged savings groups, commonly known as circles and community financial associations, to register with legally recognised authorities and comply with financial regulations.
According to Muhangi, criminals use multiple bank accounts and mobile money platforms to disguise and transfer illegal funds, which can also support terrorism financing.
He warned that such practices undermine Uganda’s legal framework, including the Anti-Terrorism Act, 2002, as amended in 2014.
Hoima City Commercial Officer David Muhumuza said the city has several savings groups, including Emyooga groups and journalists’ associations, which are regulated under government programmes.
Muhumuza stressed that proper registration of groups helps authorities maintain accurate information on members, improve accountability, and support risk assessment.
Hoima City Resident City Commissioner Haji Badru Mugabi, who presided over the engagement, called for stronger regulation of financial flows into and out of the country.
He urged individuals and organisations to ensure that financial transactions are properly documented and conducted through recognised systems.
Mugabi warned that sectors such as oil and gas and mining require increased vigilance because of their strategic importance and the large sums of money involved.
He also called on the FIA to pay attention to the operations of money lenders, citing concerns that some borrowers lose valuable property after signing agreements they may not fully understand.
The engagement highlighted the important role of journalists in exposing financial crimes, educating communities and promoting the use of transparent and accountable financial systems.
