By Muzafaru Jamada
The recent reported robbery at the home of NRM treasurer Ms. Barbra Oundo, involving billions of shillings, has raised concerns about the role of the Financial Intelligence Authority (FIA) in combating money laundering. Her husband, Haji Suleiman acknowledged that the money actually belonged to him. The culprits publicly acknowledged ownership of the large sums of money found at their residence.
Keeping such vast amounts of money at home, outside the banking system, is both alarming and suspicious. It poses questions about potential money laundering activities and the effectiveness of anti-money laundering measures in the country.
The Anti-Money Laundering Act, 2013, defines a suspicious transaction as one that is inconsistent with a customer’s known legitimate business or personal activities, or with the normal business for that type of account or business relationship. Additionally, Section 8 of the Act requires accountable persons to record and report all cash and monetary transactions exceeding 1,000 currency points (UGX 20,000,000) to the FIA.
Under Section 9 of the Act, the FIA is mandated to monitor and investigate suspicious transactions. However, despite admission from the culprits of keeping billions of shillings at their homes, no action has been taken against them, This situation raises concerns about the FIA’s response and the possibility of money laundering.
The public awaits answers from the responsible agency, the Financial Intelligence Authority, regarding the lack of action in this matter. The situation underscores the importance of robust anti-money laundering measures and the need for the FIA to act decisively in such cases.
