24 February 2021
Photo: Participants at the event
The Advocates Coalition for Development and Environment (ACODE) with Global Financial Integrity (GFI) in partnership with Civil Society Coalition on Oil and Gas (CSCO) hosted a discussion about Illicit Financial Flows (IFFs) in Uganda on 24th Febuary, 2021. The discussion focused on IFFs risks in petroleum sector and the connection between IFFs and beneficial ownership, gender equality, environmental justice and human rights.
From this engagement, it was revealed that often financial innovations and IFFs schemes develop faster than regulation leaving governments to play catch-up in regulating financial activities. Uganda being party to more than ten skewed Double Taxation Agreements with countries in tax haven category is a serious risk, yet as noted by the country's financial intelligence agency, there is inadequate information on beneficial ownership - a tool for financial transparency and anti-money laundering - to confront IFFs.
ACODE and GFI have produced information booklets that examine the nexus between illicit financial flows and other areas often unnoticed as having an immediate connection to money laundering and corruption, including environmental protection, human rights, natural resource governance, and gender equality in Uganda. These booklets employs a series of context-specific case examples that demonstrate these connections and identify key areas for policy improvement. Using this innovative approach, the booklets are geared towards the needs of key stakeholders in Uganda and provides the requisite basis for evidence to advocate for the use of financial transparency and anti-money laundering tools such as beneficial ownership as ways to tackle the negative impacts of IFFs in Uganda's extractive sectors.