July 18 2018
The Financial Intelligence Authority (FIA) has cited real estate as the most attractive investment for money launderers.
Speaking during a stakeholder engagement with the civil society, Mr Sydney Asubo the FIA executive director, said a National Risk Assessment survey conducted by the Authority found that real estate was responsible for moving “dirty money” because of its profitability and lax regulation.
“Most of the land in Uganda is untitled and rules around transfer are not stringently enforced. Land is also not registered and rarely loses value. It usually appreciates [which makes it attractive to money launderers],” he said.