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Ugandans stash 400b in secret Swiss banks By In2EastAfrica


By Ismail Musa Ladu
More than Shs400 billion originating from Uganda is being held in Swiss banks, a breakdown by the Bank For International Settlement claims.

Bank of Uganda (BoU)
Based on the geographical locations of countries with accounts in Swiss banks, the breakdown does not include the particulars of the individuals or organisations running those accounts.
It does not also take into consideration money that individuals and organisations based in Uganda might have deposited in nominee accounts (accounts held in third-party names) or accounts in foreign branches of Swiss banks.
Bank of Uganda yesterday declined to provide any information about the likely owners of the money, saying it needed more time to look at the information.
Information minister Mary Karooro Okurut also declined to comment on the matter while top Finance ministry officials were unavailable for comment.
According to the breakdown, Uganda features prominently among the African countries with huge stashes of money, amounting to $162 million (about 402billion) in the several banks in Switzerland.

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