Kampala, ......ore than 300 officers from the Criminal Investigations Department (CID) of the Uganda Police Force will be undertaking training this financial year on various aspects within the capital markets, in a bid to enable them understand the market operations, the laws that govern the industry, the offences there in and how these offences can be investigated and prosecuted.
This comes at a time when financial crimes are increasingly becoming popular in Uganda and the region in general, owing to the proliferation in use of technology in the financial sector and introduction of complex technology-based financial products, also known as Fintechs.
The Capital Markets Authority (CMA) which is the statutory body mandated with the regulation and development of the capital markets industry in Uganda will now intensify its working relationship with the CID arm of the Police force to ensure that the police investigators are equipped with the knowledge and skills to thoroughly investigate offences committed by players in the capital markets. This is aimed at boosting investor and issuer confidence and, ensuring that the markets operate transparently and efficiently.
Speaking at the initial training of CID officers held at the CID headquarters in Kibuli yesterday, Angela Kiryabwire Kanyima, the Director for Legal and Board Affairs at the CMA noted that the Authority is committed to ensuring that investors and issuers have confidence to invest and raise money from our capital markets, in line with its vision and the vision of the Capital Markets Development Master Plan.
"We have a role in ensuring that investors - individuals and institutions, as well as issuers who want to raise capital for their businesses have confidence that the market operates efficiently and is well regulated as it should be", Ms. Kanyima said.
"By ensuring that wrongdoers are brought to book through the right legal processes, we believe that more private businesses will come to raise capital from the capital markets for expansion or growth, and equally, more Ugandans will save for their future by buying into the various capital markets products, trusting that the regulator is able to protect their investments."
Ms. Kanyima noted that the Authority is not only looking at training the Police, but also the prosecutors under the Directorate of Public Prosecutions (DPP). So far, one training has been held with the officers from the DPP's office and these engagements will continue throughout the year.
CID Director, Ms. Grace Akullo expressed her appreciation to the CMA for enabling the officers have a better understanding and appreciation of the capital markets industry so that as they conduct their duties, they are able to look out for potential offences under the various laws that govern the industry and investigate them conclusively for prosecution.
"We are starting to see more and more cases of financial crimes and therefore this opportunity to train our officers is very timely and welcome", Ms. Akullo said.
The capital markets industry is governed by three Acts of Parliament, namely; the CMA Act, Cap 84; the Collective Investment Scheme Act, 2003 and; the Securities Central Depository Act, 2009. The acts are operationalised by various regulations to further guide the different players and practices within the industry.