Managing Uganda’s gold sector well has the potential to boost exports, create jobs, increase tax revenues, and attract foreign investment. However, high levels of money laundering pose a risk to the sector’s benefits. Gold is a cash-intensive business with limited oversight and licensing, and 77% of Africa’s undeclared exports are gold, which raises questions about the traceability and origins of gold in Uganda. Therefore, Uganda should introduce transparency measures such as beneficial ownership requirements, regular risk assessments, and open contracting standards to transform the gold sector into a national treasure.

Unlocking Gold’s Potential as a National Treasure in Uganda

Introduction
-Uganda’s gold sector potential
-Benefits it could bring to the country
-Risks that could prevent those benefits
-Lack of transparency and accountability in the sector

The Risk of Illicit Financial Flows in Uganda’s Gold Sector
-Africa’s undeclared exports and lost taxes
-Limitations of oversight and licensing in the gold sector
-Gold’s global use as an alternate currency
-Perpetuation of crimes through gold trade

Disparities in Ugandan Gold Production and Traceability
-Gold’s position as Uganda’s leading export
-Low domestic gold production
-Questions around the traceability and origins of Uganda’s gold
-Indicators of illicit financial flows

Improving Transparency and Accountability in Uganda’s Gold Sector
-Beneficial ownership register in line with EITI recommendations
-Regular risk assessments by the Auditor General’s office
-Use of tools like GF Trade to detect money laundering
-Commitment to open contracting standards for all oil, gas, and mining contracts

Conclusion
-The importance of transparency for Uganda’s gold sector
-Benefits that could come from transforming the sector into a national treasure
-The role of beneficial ownership, risk assessments, and open contracting standards in achieving this transformation.