BoU Governor Breaks Silence on UGX 51 Billion That Were Illegally Transferred to UK & Japan

The Bank of Uganda (BoU) has finally addressed the controversy surrounding the illegal transfer of over UGX 51 billion into fraudulent accounts in the United Kingdom and Japan.In a statement, BoU clarified that it had no role in initiating these payments and distanced itself from the scandal that has drawn public and media attention.The funds in question were reportedly siphoned from a government account, raising concerns about the vulnerability of public funds to cybercrime and fraud.BoU emphasized that the institution only acts as a custodian of accounts and does not initiate transfers, thereby absolving itself from any direct involvement in the transactions.The incident has sparked outrage among Ugandans, with many questioning the systems in place to safeguard taxpayers' money.Investigations into the fraudulent activity are underway, with various government agencies and law enforcement bodies stepping in to identify the perpetrators and recover the funds.BoU’s response draws attention to the need for enhanced measures to prevent similar incidents. The central bank assured the public that it is committed to supporting the ongoing investigations and implementing stronger safeguards against financial fraud.LINK: https://x.com/ntvuganda/status/1864927801742110955The scandal has also raised questions about the accountability of other government bodies linked to the transaction. As pressure mounts, Ugandans are demanding transparency and stricter controls to protect public funds.