In a move towards combating fraud and corruption in Africa, the Association of Certified Fraud Examiners (ACFE) Uganda Chapter will host the ACFE Africa Year-End Networking Event. Set against the backdrop of the Annual International Fraud Awareness Week (IFAW) from November 12th to 18th, 2023, this event promises to be a pivotal moment in the region’s ongoing battle against fraud and corruption.
Themed “Managing Fraud Risks through Collaborations,” the ACFE Africa Year-End Event, scheduled for November 16th, 2023, at the prestigious Speke Resort Hotel in Munyonyo, seeks to create a platform for the exchange of knowledge and experiences in fraud prevention and detection. The event aims to foster collaboration and address corruption risks that have long hindered national development agendas and service delivery across the continent.
The urgency of such collaborative efforts is evident in the continuous challenges faced by both the public and private sectors due to the detrimental effects of fraud and corruption. The ACFE Africa Year-End Event emerges as a beacon of hope, bringing together top experts in fraud risk management, leaders, and policymakers to share experiences and practical insights across Africa. The event will facilitate discussions on strengthening anti-fraud and corruption governance, ultimately contributing to a more resilient and secure business environment.
What sets this event apart is not only its strategic timing during the IFAW but also the distinguished lineup of speakers. The keynote address on the topic, Lifestyle Audits – Unmasking Hidden Indicators, will be delivered by Hon Betty Kamya, the Inspector General of Government in Uganda. Her notable 2021 report, “The Cost of Corruption in Uganda,” delves into the intricate web of corruption costs, distinguishing between direct and indirect impacts on government revenues, taxation, user fees for public utilities, and natural resource rents. The report notes that “the eradication of corruption in Uganda could result in substantial savings amounting to approximately UGX. 9.1 trillion per year or 7.3% of GDP, which the report estimates are lost to direct and indirect corruption annually.”
The Inspector General’s report highlights the tangible consequences of corruption, using real-life examples to illustrate the profound effects on government revenues, public services, and environmental degradation. From the loss of billions in environmental resources to the impact on healthcare and education provision, the report underscores the pervasive nature of corruption and its far-reaching implications for Ugandans and the need for concerted efforts to tame the vice for the economic and social transformation of the country. Other notable speakers include Len Coetzee, ACFE South Africa President on the state of fraud risk in Africa; Lehana Nel, from ACFE Namibia on the topic, Managing Fraud and Corruption in Namibia; Tumubweine Twinemanzi, Executive Director Supervision, Bank of Uganda; Fraud Detection using Machine Learning by the Summit Consulting Ltd Cybersecurity Research Services Team. The event will feature a Roundtable Discussion on Financial Institutions Fraud exploring common financial institutions fraud schemes, associated costs, current solutions, and recommended strategies for the future with panelists from the Financial Intelligence Authority, Stanbic Bank, Uganda Police, Diamond Trust Bank, and PwC Uganda moderated by Moses Kasakya, the President Institute of Internal Auditors of Uganda.
The ACFE Uganda Chapter’s dedication to reducing fraud in the region is commendable, and the upcoming ACFE Africa Year-End Event promises to be a defining moment in the collective effort to combat fraud and corruption. Stay tuned for insightful discussions, strategic collaborations, and a resounding call to action as the ACFE Uganda Chapter takes the lead in the fight against fraud in Africa. The ACFE Africa Year-End Event is proudly sponsored by the Financial Intelligence Authority, Bank of Uganda, Inspectorate of Government, Centenary Bank, DFCU Bank Stanbic Bank, Diamond Trust Bank, Movit Group, PwC Uganda, and Uganda Bankers Association. The event is supported by the Ministry of Finance, Planning and Economic Development, ACFE South Africa Chapter, Institute of Certified Public Accountants of Uganda, Insurance Regulatory Authority of Uganda, and Summit Consulting Ltd.
During the IFAW, ACFE Uganda chapter members will offer free fraud risk management talks to over 31 companies that have agreed to participate. Together, reducing fraud worldwide.
Mustapha B Mugisa aka Mr Strategy is the President and CEO of ACFE Uganda Chapter, president@acfeuganda.com.
