Financial Institutions: Detecting & Disrupting Financial Flows of Trafficking of Human Beings & Migrant Smuggling, 25-29/01/21

What: Webinar on The Role of Financial Institutions in Detecting, Identifying and disrupting Illicit Financial Flows of Trafficking of Human Beings and Migrant Smuggling

Where: Online – UGANDA

When:25-29 January 2021

Who: 33 participants drawn from Uganda bankers’ association and the regulatory Bank of Uganda 

Context

A 2017 National Risk Assessment (NRA) of Uganda indicated that Smuggling of Migrants is a source of financing for the Al-Shabaab terrorist group. The NRA report also revealed “that Uganda is both a source and a destination country for trafficked persons” and Trafficking in Human Beings /Smuggling of Migrants are among the most proceeds-generating offences but among the least investigated crimes. The growing nexus between Trafficking in Human Beings /Smuggling of Migrants and terrorism is a serious concern that should be addressed. The United Nations Counter-Terrorism Executive Directorate (UNCTED) noted that terrorist groups including Al-Shabaab, ISIS and Boko Haram used human trafficking as a tactic of terrorism and financing of terrorism.

This fact speaks the reality that Uganda needs more reporting, investigation and prosecution whereby the financial sector can play a significant role because of the nature of financial transaction of both financing the operations and laundering the proceeds. Financial Institutions are essential sources of financial information and evidentiary materials that have detrimental role for effective financial investigations and prosecutions.

To this end, the AML-THB project, in partnership with the regulatory body, Bank of Uganda (BoU), conducted a national e-training workshop for Ugandan banks from 25-29 January 2021.

Objectives

The training workshop aimed to:

• Sensitize financial institutions on their role in disrupting the financial operations of THB and SoM criminal networks through effective AML measures;
• Strengthen the capacity of the financial services sector in financial analysis, identification and disruption of financial flows of criminal networks;
• Enhance the integrity of the financial institutions;
• Contribute to the reduction of THB/SoM.

The trainees made the following recommendations to effectively detect, disrupt and counter THB/SoM and their illicit financial flows:

• Intensify similar capacity building training on technical areas to FIs, LEAs and the supervisory bodies;
• Enhance regular engagement of stakeholders of both public and private sector;
• Strengthen coordination with regulatory bodies particularly the FIA, BoU and law enforcement agencies;
• Improve quality of information flow and feedback between reporting entities, FIA and LEA; and
• Raising public awareness among others.

Feedback

Feedback given by participants on the online survey questionnaire revealed that the training is highly rated. Participants responded with 100% approval to relevance/importance, and value addition of the training.

For more on this, please see Newsletter 010