The Inspectorate of Government has signed a Memorandum of Understanding (MOU) with the the Financial Intelligence Authority (FIA) to share financial intelligence information int he fight to eliminate money laundering and corruption in general.
The memorandum will enhance the partnership between the two institutions so that they can achieve their mandates and also cooperate through transparency and streamline information.
The two bodies will identify proceeds of crime at an early stage for purposes of seizure and confiscation, identify the suspects for investigations as well as improving on non conviction based asset recovery.
The IGG is also working in hand with FIA to ensure that the Anti Money Laundering Act 2013 is amended to specifically mandate her office to investigate and prosecute money laundering offences. FIA exchanges information with 15 countries together with the East African Community to enhance regional cooperation.
During the brief signing that happened at IGG’s premises on Jubilee building, the two executives of the two bodies embraced the signing of MOU
“We have been working with FIA since last year however to prove our commitment for working together, a memorandum will help improve our coordination with the Authority and strengthen positive syndicates to counter crime,” IGG Irene Mulyangonja said.
According to officials of the IGG office, many leaders hide funds got improperly through many schemes across borders. Real estate is one of the favoured vehicles of money laundering, the officials said. This enables the true identity of the owner of land or houses to be hidden.
The implementation of the MOU signals the commitment of the two agencies to unite their forces in combatting corruption and depriving the criminals from the proceeds of their crimes. “Corruption and money laundering are like day and night as one follows the other,” Mr Asubo said.
“As a matter of fact, we need to guarantee the integrity of the information; how secure is the information and to whom we disseminate. Confidential and specific information can be shared spontaneously or on request,” said Sydney Asubo, head of FIA.
“National Risk Assessment will be concluded by November 2016 after identifying the high risk and low risk areas so that more resources are put forward and interventions are garnered to sort out the inefficiencies as according to the relevant stakeholders.”