Browsing: @GFI

Uganda’s mineral sector holds immense economic potential, yet illicit financial flows (IFFs) continue to drain billions in revenue. The report Uganda’s Mining Legal Regime: Addressing Illicit Financial Flows (IFFs) Risks and Revenue Loss in the Mineral Supply Chain, published by Global Financial Integrity (GFI) and Advocates Coalition for Development and Environment (ACODE), exposes how weak enforcement, corruption, and legal loopholes allow mineral smuggling, tax evasion, and money laundering to flourish. With over 90% of mining operations classified as informal, the government struggles to regulate mineral exports, leading to significant financial losses. Strengthening governance, increasing transparency, and enforcing stricter regulations are crucial to ensuring Uganda’s mineral wealth benefits its citizens rather than being siphoned through illicit channels.