A day after President Yoweri Museveni vowed to crack down on corruption during his state of the nation address, the Inspector General of Government, Irene Mulyagonja and Executive Director of the Financial Intelligence Authority, Sydney Asubo, signed a Memorandum of Understanding aimed at strengthening coordination between the two entities .
The signed memorandum seeks to improve the detection of proceeds of crime at an early stage for purposes of seizure and confiscation, identification of suspects for investigation by tracing beneficiaries or accomplices in money laundering rackets and jointly improving on non-conviction based asset recovery.
According to Sydney Asubo, Executive Director of the Financial Intelligence Authority, up to 12% of the national budget, an equivalent of Shs1.2 trillion is lost to corruption every year.