Addressing TBML Remains Difficult; Corrosive to Developing Economies, New Publication Find

A new publication analyzing the scope and characteristics of global trade-based money laundering (TBML) finds that this illicit activity poses complex problems for law enforcement while also undermining global development. Indeed, while various estimates put TBML activity in the hundreds of billions, or even trillions of dollars annually, “a comprehensive mapping of known TBML [court] cases worldwide from 2011 to 2021” identified just US$60 billion in money laundering, according to the paper. Highlighting the development impact, the study noted that “when TBML goes unchecked, it has adverse effects on economies and societies as it perpetuates criminal activities …corruption, and tax evasion.” The paper, Trade-Based Money Laundering: A Global Challenge, was co-authored by Global Financial Integrity (GFI), Fedesarrollo, Transparency International Kenya and Advocates Coalition for Development and Environment (ACODE) and draws on the technical and regional expertise of each of the organizations – based in the United States, Colombia, Kenya and Uganda, respectively.

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GFI & ACODE Evaluate the Key Elements, Opportunities, and Challenges of the OECD/G20 Tax Deal

Global Financial Integrity (GFI) in collaboration with Advocates Coalition and Development and Environment Uganda (ACODE) in a new tool-kit examines the key elements, opportunities, and challenges of the OECD tax agreement. In what is being pegged as the biggest corporate tax reform in over a century, 137 counties in October 2021 agreed to a new global tax deal that aims to ensure a fairer distribution of taxes among countries. Due to concerns about the fairness of the deal, four countries - Kenya, Nigeria, Pakistan, and Sri Lanka - have not joined the agreement. Assessing the current momentum around the worldwide tax reform deal can improve our understanding of the African context while promoting a more unified African voice on international tax cooperation and tax governance for sustainable development.

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Civil Society Statement on the Announcement of the Final Investment Decision for Uganda’s Oil and Gas Sector

The Civil Society Coalition on Oil and Gas (CSCO) congratulates the Government of Uganda, the United Republic of Tanzania, and the Oil Companies under the Joint Venture Partnership for the Lake Albert Oil and Gas project, upon the announcement of the Final Investment Decision (FID). The FID which unlocks colossal foreign direct investment is indeed a culmination of concerted efforts by the government, the private sector, and the citizenry in doing all that is required of every stakeholder and duty bearer towards this goal. We equally commend both the Ministry of Energy and Mineral Development and Total Energies upon signing a memorandum of understanding on renewable energy. This is reflective of the commitment toward energy transition and the need to exploit Uganda’s oil in a sustainable manner. We implore both government and the oil companies to stick to this commitment.

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