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Uganda losing revenue in illicit flows March 3, 2021 Oil activities in Hoima Uganda is estimated to be losing Shs 2 trillion annually to illicit financial flows (IFFs) and the situation could get worse with the commencement of commercial oil production, a study has revealed. The study by the civil society coalition on oil and gas revealed that in a period spanning 2006 to 2015, the country lost in excess of $7 billion in trade mis-invoicing alone. IFFs, according to Global Financial Integrity – a Washington-based organization, refer to movement of money and value from one country to another that is illegitimately earned, transferred and or utilized. ....
Uganda losing revenue in illicit flows observer.ug - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from observer.ug Daily Mail and Mail on Sunday newspapers.