Bagyeda Faces 20 Years In Prison Over Money Laundering

Justine Bagyenda is being accused of money laundering Justine Bagyenda is being accused of money laundering

Former Bank of Uganda director in charge of commercial banks supervision Justine Bagyenda faces 20 years in prison if it is proven that the billions she has amassed and hidden in different banks was laundered, Budadri West Member of Parliament Nathan Nandala Mafabi told journalists this week.

“The law we passed, states that whoever participates in money laundering has to be imprisoned for 20 years. That is why Bagyenda should have been in Luzira by now, and the law stipulates that the money she stole should be returned,” Mafabi told journalists.

Last month, leaked bank statements indicated that Bagyenda has Shs20 billions transacted and stashed in DTB bank, Centenary Bank and Barclays Bank. It is however not been revealed how the former supervisor got the huge sums. She has not come out to explain the matter.

“We are going to carryout investigations and we are going to deal with those banks because they have been doing illegal things with Bagyenda. Actually those banks should be closed because they have been involved in money laundering,” he said.

Barclays Bank and DTB came out to apologize to Bagyenda saying that the banking details were illegally leaked by their employees and promised to take punitive measures to the employees who Mafabi described as whistles and called for their protection.

“The whistle blower act states that a whistle blower is entitled to all the security of the state and of the organisation where he is employed. If they have been sacked, we are going to ask Bank of Uganda to employ them,” the opposition MP said.

Adding: “We are going to ensure the police protects them and President Museveni should also come out to protect them, unless he loves thieves like Bagyenda,”

Bagyenda was recently dropped by Bank of Uganda governor Emmanuel Tumusiime Mutebile is faulted for failing to supervise the banking sector leading to money commercial bank closing shop. She was at the apex of Crane Bank falling with speculators saying she witch hunted the private bank.

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