The Financial Intelligence Authority has confirmed that it is investigating the financial dealings of former Bank of Uganda Executive Director (Supervision) Justine Bagyenda.
Sydney Asubo, the FIA head says they are acting on a petition from a whistleblower who indicated that Bagyenda’s wealth is not commensurate with her wealth and she could be involved in money laundering.
“The information we have, we shall share it with other law enforcement agencies. We are still compiling information about the financial dealings of Bagyenda and we shall have to verify it,” Asubo said.
Asubo said that if there is evidence of fraud, Bagyenda will face the law.
FIA was established in 2013 under the Anti-Money Laundering Act to combat money laundering activities.
The law stipulates a 20 year jail sentence for money-laundering, a term Bagyenda could serve if found guilty.
A whistleblower also petitioned the Office of the Inspector General of Government over Bagyenda’s wealth. Account details that leaked showed that she had over Shs19billion in Diamond Trust Bank and Barclays Bank. Both banks have since confirmed that the account details leaked and apologized to her.
She is also linked to 17 properties in central and western Uganda worth several billions. Bagyenda was supposed to declare her wealth under the Leadership Code Act that stipulates that a person shall within three months after becoming a leader and thereafter every two years, during December submit to the IGG a written declaration of their income, assets and liabilities.”
Some of Bagyenda’s properties were in relatives’ names, which indicates a motive to conceal the wealth.
IGG Irene Mulyagonja also confirmed investigations into Bagyenda’s wealth were ongoing.