BoU, Ministry of Finance lock horns over audit on money heist

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BoU, Ministry of Finance lock horns over audit on money heist

//business-finance.news-articles.net/content/202 .. inance-lock-horns-over-audit-on-money-heist.html

Published in Business and Finance on Monday, December 16th 2024 at 4:01 GMT by Daily Monitor
^{🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source}

BoU has so far been unsuccessful in getting back the funds wired in Tokyo, and likely won't, according to people familiar with the matter

The article from Monitor discusses a dispute between the Bank of Uganda (BoU) and the Ministry of Finance over an audit concerning a significant financial loss due to a cyber heist. In 2019, hackers stole $31 million from BoU's systems, leading to an ongoing investigation. The Ministry of Finance has expressed concerns over the slow pace of the audit and the lack of transparency from BoU. They are pushing for a comprehensive audit to understand the full extent of the breach and to ensure accountability. Conversely, BoU has resisted what they perceive as interference, asserting their independence and the confidentiality of their internal investigations. This conflict highlights broader issues of governance, oversight, and the balance of power between financial regulatory bodies and government ministries in Uganda.

Read the Full Daily Monitor Article at:
[ https://www.monitor.co.ug/uganda/special-reports/bou-ministry-of-finance-lock-horns-over-audit-on-money-heist-4858446 ]

Publication Contributing Sources

Daily Monitor

N🟁N

BoU, Ministry of Finance lock horns over audit on money heist