Mbidde urges civil society on illicit financial flaws fight

By Billy Rwothungeyo                           

Fred Mbidde Mukasa, the chairperson of the Communications, Trade and Investment committee at the East African Legislative Assembly (EALA) has called upon members of the civil society to support efforts to fight illicit financial flaws in Uganda and the region.

Speaking at a regional dialogue on European Union (EU)-East African Community (EAC) Economic Partnership Agreements (EPA) recently in Entebbe, the legislator said fixing illicit financial flaws loopholes should be accorded as much attention as trade negotiations.

Mbidde said East African countries are losing more money to illicit financial flaws than to corruption.

“I have attempted to enact a bill on the control of illicit outflows and I have been confronted with a lot of problems.  Even the lawyers you are working with are on a retainer basis by these corporations,” he said.

“These corporations are so big, and so powerful. They are so untouchable that they even sponsor NGOs. We need help in the enactment of these bills, this is the only way we shall have an East Africa that is moving forward.”

The dialogue was organised by Southern and Eastern African Trade Information and Negotiation Institute (SEATINI) Uganda.

He also said that the failure EAC member states to enforce the East African Competitions Act of 2006 is fuelling capital flights.

The act aims to promote just trade practices in the region and establish the EAC Competition Authority.

“We have not localized this law. Now entities are merging and establishing monopolies”

Africa loses more than $50 billion annually through illicit financial outflows, according to a recent Illicit Financial Flow Report of the High Level Panel on Illicit Financial Flows from Africa report.