Asset misappropriation is the third most prevalent form of economic crime in Uganda tying with cybercrime with an incident rate of 31%. This is against the twin 46% incidence rate in both East Africa and Africa and 45% globally according to an annual report. “To fight economic crime; I think number one is let’s recognize it when we see it and the only way we will recognize it is by ensuring that we have systems and processes in place, investing in technology and people and also to call it out. Not sweeping things under the carpet.” Said, Muniu Thoithi – Forensic Leader, Eastern Africa, PWC.

Sydney Asubo the Executive Director the Financial Intelligence Authority admits the running challenges of combating economic crimes in Uganda and the region. “Many of the companies that we have seen featuring in commission crimes do not have proper company structures. You find somebody, they are directors, they are shareholders and they begin to trade. Apart from an address but these are legitimately registered businesses.” Said, Sydney Asubo – ED, Financial Intelligence Authority. Instructively two respondents in Uganda indicated that they lost more than 5 million dollars or approximately 18 billion shillings to be the most destructive crime showing just how economic crime can be. “Then with the issue of collision and consumers, the individuals perpetuating particularly in enterprises that have been described as criminal enterprises they have come in from day one just to do that. And so the setup is going to be a deception from the very beginning and because of that things are going to be concealed and made very difficult to discover.” Said, Uthman Mayanja – Senior Partner, PWC Uganda. Of the 64 respondents, 48% represented listed companies, 41% private organizations and 11% public or non-government organizations.