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FIA Boss: Bagyenda ‘Money Laundering’ Investigations Ongoing

The Financial Intelligence Authority (FIA)  Executive Director Sydney Asubo  has said investigations into money laundering allegations against former  Bank of Uganda Executive Director in charge of Supervision, Justine Bagyenda are ongoing.

Asubo, who confirmed investigations against Bagyenda early this year, says investigations are on course.

“We have never said they (investigations against Bagyenda),” Asubo told the media, adding:  “…Anyone worth their name would know that no money laundering investigation can be done in two months.”

He added that “once we are ready we send the information to law enforcement…to those that investigate.”

Asubo was responding to a youth group- Youth Power Research Uganda (YPRU) that petitioned Prime Minister Dr Ruhakana Rugunda and President Yoweri Museveni, calling for their intervention into the matter.

In a letter dated May30, 2018 obtained by Business Focus, YPRU said  that FIA  had not lived up to the expectations of Ugandans in regard to investigating some BoU officials who are believed to have “accumulated illicit wealth which led to collapse of our banks like Crane Bank which used to employ many youth.”

“A case in point is during March this year, a whistle blower petitioned FIA to monitor and investigate Miss Justine Bagyenda, former Director Supervision BoU for having Shs19bn on three different accounts which is not in tandem with her salary of 6 years as director of the bank,” saysa letter signed by Mathius Ssempala, Head of Publicity at YPRU.

The letter received by OPM on the same day it was written adds: “ Even after 2 months after petitioning, there is  no any single draft report made hence casting fear amongst anti-corruption crusaders to think that Mr. [Sydney] Asubo, the Executive Director of FIA is no longer competent for the job.”

The youth add that investigations should commence immediately in order to increase confidence in investors as well as attracting more Foreign Direct Investment in the country.

Bagyenda came into spotlight after her leaked wealth shocked the nation.

 

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