More corruption in private sector, FIA reveals

The executive director of the Financial Intelligence Authority (FIA), Sydney Asubo, said the money obtained through corruption is being used in money laundering.

“What people don’t know right now is that there is more corruption in the private sector lately. The corrupt are now secretly laundering money in different ventures,” he said.

Asubo added that the people engaging in acts of corruption among others, use the proceeds to acquire assets within the country and they are no longer afraid, since they are sure of buying themselves out when they come to be known.

He said most people in Uganda think the rate of corruption is more in the public than private sector. This, he added, could be that the vice has been copied by corrupt individuals in the public sector previously.

He made the remarks during the launch of the crime prevention project at Imperial Royal Hotel recently.

The project is aimed at devising ways to prevent crime and all its form. The Uganda Police was also present at the event.

Wide-spread corruption has been a challenge to President Museveni who has been in power for over 30 years.

According to Transparency International Corruption Perceptions Index for 2021, Uganda scored 27 out of 100, which is below the Sub-Saharan average of 33 points, and below the global average of 43 points.

These findings meant that Uganda is still one of the most corrupt countries in Sub-Saharan Africa.

The study that used information from 13 global sources, targeted a total of 189 countries 49 of them in Africa. In Africa, Seychelles, Cape Verde and Botswana performed the best scoring between 55 and 70, while South Sudan, Somalia and Equatorial Guinea scored the lowest, between 11 and 17.