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Uganda losing revenue in illicit flows


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. ....

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